BK After Buying House
I am curious to how long after one buys a house can a person claim BK? OR does it not matter? It will probably be nearly impossable to get another apt, so wouldn't it make sense to buy a inexpensive piece of property for ex: a condo. The mortgage would be less than rent and can be kept in a BK.. Does anyone have any advice on this matter? I've decided I must go BK, but I'm still current on CC bills with a high credit score..700..I just can/t keep up though. Buying a cheap condo would actually save me money with a lower rent/Mortgage. Advice?
Answer:
It generally doesn't matter, provided there is no indication of inappropriate pre-bankruptcy planning. I strongly recommend speaking with a local bankruptcy attorney *before* doing anything. This can be a tricky area of the law, and you want to make certain that you don't run into trouble. Depending on the state you're in, you may have rights under a "Homestead" law. In Florida, for example, fraud and back taxes usually are the only reasons other than a default in mortgage payments that will cause you to lose your house, even in bankruptcy.
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