Ramifications of your case being left open

[originalhealer]

I've been reading a lot of these posts, and I realized that I have a cash-flow problem

$5,000 would pretty much solve the storage and pawn situations, and a decent salary would prevent me from "freaking out" if the Trustee manages to take the pension.

Though I am betting that when he wrote the pension people in August to try to get them to give him the money, they must have said, "No", or else, why would he turn around and hire a law firm and an accountant?

Well, I have decided to continue with the bankruptcy and just focus on bringing in more cash

But anyway, my question is, if they discharge me, but keep the case open while the Trustee fights for the state pension, does that prevent me from purchasing a home or obtaining new credit?

I am just wondering what the real ramifications of a Trustee keeping your case open really are.

Thanks

[Minnymouth]

My case has been open now for 15 months. Discharged in October of 2004.

My attorney told me not to "rock the boat" as long at the trustee held the case open.

In my case, we are negotiating buyback of property and home...

Really don't know what to tell you about buying a home....probably can and it would be okay - unless you have a big downpayment and trustee wonders where you got the money from on such short notice....

Ask you attorney.....

Minny

[originalhealer]

I filed Pro Se, so I don't have an attorney.

I was asking not because I want to go out there and get into a whole bunch of debt, but because I want to purchase a home.

I have a cheap (for my area) apartment that I am renting for $595 per month. But, it is not exactly the Taj Mahal, if you know what I mean.

I would prefer to purchase a condo or townhouse with about two bedrooms and two baths, for about $80,000. This is more difficult to do in this area because I am actually in a fairly decent part of town. But if I am willing to move about 10-20 miles away, I can get a decent condo for as cheap as $60,000. Even with high mortgage interest, my payments would be fairly reasonable.

I just wanted to know if my case being kept open would prevent me from doing this. I have seen plenty of ads in my area for mortgages for people that have filed bankruptcy with only one day out of discharge! But, I am not sure what all would be offered with that option.

I still always have the option of doing a lease purchase, I do know this. But to me a lease purchase is less cost-effective than actually purchasing the home under my own mortgage, even with a higher interest rate.

If anyone knows better, please share.

[Minnymouth]

If you are discharged from a Chapter 7, I really don't see any reason why you wouldn't be able to buy a home (just getting it financed would be the problem, - a high interest rate).

Good luck to you,

Minny