Posted on: 05th Mar, 2009 05:42 pm
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?
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
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
how long do i have to wait to buy a house on land contract in ohio
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
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