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I had a friend that claimed bankruptcy and he still bought a house and a new car. How was this possible he was broke and his wife didn't work? I would ask him myself but don't want to be rude.
 

asked Feb 22, 2005 11:27 AM

Harleygirl2185
Best Answer
10
best answer

Hi Harleygirl2185,

Welcome once again to the debt consolidation care forum. We appreciate your frequent interaction with us. icon_biggrin.gif


Quote:

i had a friend that claimed bankruptcy and he still bought a house and a new car.


Even if your friend is a bankrupt there is still provision for him to buy a home and a car. Chapter 7 bankruptcy filing allows one to prolong a foreclosure of agreement for home mortgage, until the discharge from bankruptcy is received. The lender can also apply to the Court & request for relief from automatic stay. The best way however is to make a personal deal with the lender to keep such assets.

For detailed information on Chapter 7 bankruptcy go through

http://www.debtconsolidationcare.com/chapter-7-bankruptcy.html

Another possibility is that if the bankruptcy is not yet processed the negative listing does not reflect on your credit report. Thus there is every possibility for your friend to get a fresh loan and procure the assets.

However, we expect that you keep sharing your experiences and insights with other members of the forum.

Regards,
Jason

answered Feb 23, 2005 08:24 PM

11 Answers

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Hi Harleygirl,

If he is really a close friend, don't ask anything. He will let you know himself one day as he is sure to notice your curiosity. Just leave him alone and be a good buddy like before.


Thank you,
Simon

answered Feb 23, 2005 09:23 AM

0


Quote:

Even if your friend is a bankrupt there is still provision for him to buy a home and a car. Chapter 7 bankruptcy filing allows one to prolong a foreclosure of agreement for home mortgage, until the discharge from bankruptcy is received. The lender can also apply to the Court & request for relief from automatic stay. The best way however is to make a personal deal with the lender to keep such assets.


Can I get more information on this? I am getting married this summer and my fiance is under chapter 7. He filed at a time when he was in transition between moving, graduating from college, and had no job. He now has a secure job and we are really wanting to buy a house but see no way of it happening? He has finished 1 year in the program and has two left.

answered Mar 8, 2005 10:35 AM

Anonymous
0


Quote:

I am getting married this summer and my fiance is under chapter 7. He filed at a time when he was in transition between moving, graduating from college, and had no job. He now has a secure job and we are really wanting to buy a house but see no way of it happening? He has finished 1 year in the program and has two left.


Do you mean Chapter 13?

Chapter 7 is the forbearance of All debt after giving up you assets eligible for seizure?

Jerry

answered Mar 8, 2005 04:27 PM

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Hi Guest,

Welcome to the debt consolidation care forum.

If you want to know in detail about Chapter7 bankruptcy view :
http://www.debtconsolidationcare.com/chapter-7-bankruptcy.html

You can also get a clear picture of Chapter 13 bankruptcy once you view:
http://www.debtconsolidationcare.com/chapter-13-bankruptcy.html

Hope you remain in touch with us more frequently and share your experience and insight with us.

Wish you and your fiancee a very happy married life ahead. icon_biggrin.gif


Regards,
Jason

answered Mar 10, 2005 02:24 AM

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[/quote]Do you mean Chapter 13?

Chapter 7 is the forbearance of All debt after giving up you assets eligible for seizure?

Jerry[/quote]

Oh yes, I'm sorry, I did mean chapter 13! icon_surprised.gifops:

answered Mar 14, 2005 03:07 PM

Anonymous
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The new law will kill many more hopes,

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

Is there an article on it, or you want me to write one icon_eek.gif ?

Tintin

answered Mar 17, 2005 02:45 AM

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Hi tintin,

Welcome to the debt consolidation care forum.

We sincerely appreciate your endeavor to enrich our forum with the latest news in the bankruptcy sector. icon_biggrin.gif


Quote:

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005


As far as I know, this law brings a mixed feeling to a debt struck person. It is both advantageous and disadvantageous at the same time. President Bush once again proves his farsightedness and diplomatic approach.

It would be so interesting if you could write an article on this. We would love to have it published on the site.

You have really done a value addition to our site and we expect that you keep sharing your insights and knowledge with other members of the forum in the coming days. icon_biggrin.gif

Regards,
Jason

answered Mar 17, 2005 09:32 PM

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It is a mixed one, a little good and more bad. When I analyzed keeping the long term in mind, I think it will do better and will help to build better score.

answered Mar 18, 2005 10:04 AM

0

Hi Vikas,

You must have enjoyed a thorough reading on this bankruptcy subject.

Could you throw some more light on the matter? Please elaborate the analysis you have done. This will help us with a much better understanding on this highly important issue.

So long....take care icon_biggrin.gif

Cheers,
Jason

answered Mar 18, 2005 10:14 PM

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