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Before filing for Chapter 7, can I buy a house via a land contract with an immediated family member?...Plan would be for an immediated family member to purchase a house and then sell it to me via a land contract. I would be making a payment of several thousand dollars to the immediate familiy member following signing of the land contract. Then I would be filing for Chapter 7. Is this legal in Michigan?

smithsussane · Posted: Thu Mar 05, 2009 9:10 pm Post subject:

Hi Guest!

Welcome to forums!

I don't think this is a very good idea. Once you buy the property through a land contract, it will be considered a your asset and there are chances that you may not qualify for Chapter 7 bankruptcy under the Means Test.

I would rather suggest you to speak to a bankruptcy attorney in this regard and get his opinion on this issue.

Feel free to ask if you have further queries.

Sussane

Guest

how long do i have to wait to buy a house on land contract in ohio

smithsussane · Posted: Sun May 03, 2009 10:50 pm Post subject:

Hi Dwight!

Welcome to forums!

As far as I know, in order to get a FHA loan after Chapter 7, you'll have to wait for 2 years and to get a conventional loan, you'll have to wait for 4 years.

Feel free to ask if you have further queries.

Sussane

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