getting a loan after discharge

[pleasejustclose]

was discharged back in Jan 06, asset ch 7 case old laws.
Still waiting for trustee to disburse funds and close case.
My question is during this time can I apply for a mortgage loan or car loan before the case is officially closed?

[lrprn]

Asset cases do seem to take a long time to close - typical time period mentioned is a around a year. Have you communicated with your trustee or the bk court? Have you checked PACER to see what your case status is?

[SinkingFast]

How long it takes to close depends on if the Trustee is selling assets and what type of assets the Trustee is selling. The Creditors have something like 60 or 90 days to make claims. Then the Trustee decides who gets paid how much money. There's a final audit and the Trustee closes the case.

If there's a house involved, it'll take longer. If the Trustee is selling a car and/or household goods it can go quicker.

Some Trustees communicate effectively with BK attnys while others don't. We got lucky to get one who does not drag his feet. Our Trustee makes a decision, files on PACER and shoots our attny an email. Our attny's office then calls us.

If you haven't already, I'd suggest you register on PACER and check the Status of your Case. Then if you have questions, contact the Trustee's office to see what you can learn about what's happening.

[BassBoy]

was discharged back in Jan 06, asset ch 7 case old laws.
Still waiting for trustee to disburse funds and close case.
My question is during this time can I apply for a mortgage loan or car loan before the case is officially closed?

Yes, you can apply for loans or credit. You are discharged, so your BK is pretty much over.

What I would suggest is to be very diligent when shopping for loans and/or CC's. You have a BK now and you may be looking at a higher interest rate. On the other hand, you've been discharged for over a year now and you may be able to qualify for special financing for buying a car (i.e., Ford Credit, GMAC and ect.). As far as a home loan, if you had a foreclosure and discharged the home loan in your Ch.7, it's best to wait 2 to 3 years from your discharge date in order to be a prime borrower again.