Question: Can i purchase property before i receive my discharge? Can the trustee seize this property if there is an increase in its value before my bankruptcy is complete?
Answer: In theory, yes, you can purchase property while bankrupt. Practically, it is difficult to qualify for a mortgage while bankrupt. In theory, if you bought a property and it increased in value by $20,000 while bankrupt, the trustee could determine that it is "after acquired property" and attempt to realize on it, so the safest answer is to wait until discharged to buy property.
Answer: In theory, yes, you can purchase property while bankrupt. Practically, it is difficult to qualify for a mortgage while bankrupt. In theory, if you bought a property and it increased in value by $20,000 while bankrupt, the trustee could determine that it is "after acquired property" and attempt to realize on it, so the safest answer is to wait until discharged to buy property.
Labels: bankruptcy
posted by Questions @ 12:57 AM
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