Canceling Bankruptcy

[JMORRISON42]

Yes, I've Recentley Filed For Bankruptcy (chapter 7). Now My Girlfriend's Friend Is Telling Me I Should Cancel, So That I Can Get Approved To By A House. What Should I Do?

[Flaminblonde]

I know that if you cancel...you won't get your money back. Why would you want to cancel? Obvisously if you are filing, it's because you can't afford what you have now...so why would you want to add a house to that equation?

People also get approved to buy a home after bankruptcy. Most of them have a better chance AFTER bankruptcy than they did before.

I'd listen to your bills...not your girlfriends, friend. Is SHE going to support YOU when they foreclose on the new home you couldn't afford in the first place?

Best of luck to ya!

[HHM]

I agree with blonde, you filed BK for a reason. Assuming you qualified and your case won't be dismissed, you aren't able to pay your bills now, so why add a mortgage.

You will be able to qualify for a home loan in the future after a BK. Granted, you may need to wait a year (to qualify on your own), but you will be able to get financed.

Also, you can't "just cancel" a chapter 7. You generally need to file a motion and show some cause, and it doesn't prevent the trustee from administering your BK estate, and they usually put a 6 month restriction on your ability to refile.

[mymymy]

Yes.. and not only that, you will still have the BK on your credit report for 10 years even if you do manage to have the case dismissed. It's a no-win situation, you may as well go through with it, get your fresh start and buy a house next year.

[HHM]

Yes.. and not only that, you will still have the BK on your credit report for 10 years even if you do manage to have the case dismissed. It's a no-win situation, you may as well go through with it, get your fresh start and buy a house next year.

Yeah, good point, I forgot about that. If your girlfreind's freinds concern is your credit report, the damage is already done. You filed BK.

[davidb81]

finish it man! it wont be that bad! I cant tell you what a relief it is to have those debts erased . so what if you have to wait a little while to finance a house it will be worth the wait. Good Luck!