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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 13079
Experience:  B.A.; M.B.A.; J.D.
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Have a couple of questions regarding Chapter 7 in Florida

Customer Question

Have a couple of questions regarding Chapter 7 in Florida
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 1 year ago.
Thank you for giving me the opportunity to assist you. Kindly use CONTINUE or REPLY button to ask for clarification or follow-up questions.


What are the questions?
Customer: replied 1 year ago.

These are concerning life after filing Chapter 7 in Florida...


1. When can you buy a home after filing for Chapter 7 if you have cash?


 


2. When can you try to purchase another vehicle?

Expert:  Phillips Esq. replied 1 year ago.

These are concerning life after filing Chapter 7 in Florida...

1. When can you buy a home after filing for Chapter 7 if you have cash?

Response 1: There is no time restriction. If you have cash, you can purchase the property.

2. When can you try to purchase another vehicle?

Response 2: If you are buying in cash, you can purchase at any time. However, if you are getting a loan, most lenders would not extend financing to you because you are now considered a high credit risk. Until the bankrupt falls off your credit reports in 10 years, you would have a hard time getting financing from most reputable lenders. However, some lenders may extend financing to you right away at relatively higher interest rate.

Customer: replied 1 year ago.


So we do not need to wait for the 7 to be discharged to move forward, is that correct?

Expert:  Phillips Esq. replied 1 year ago.


So we do not need to wait for the 7 to be discharged to move forward, is that correct?



Response
: No, that is not correct. You actually need to wait to get your Discharge Order and your case closed to proceed with your purchase. Otherwise, you would run into problem with the Chapter 7 Trustee as to how you would were able to get the money to purchase the property. Also, if you failed to get a Discharge Order, then your new property may be in danger of being taking by your creditors. So, you need to wait until after your Discharge Order and Case Closing before purchasing a new property. Remember that Discharge Order is not the same thing as case closing. Generally, the Court would close a case as soon as the Discharge Order is issued. Other times, the Court may leave the case open for several months after the Discharge Order for one reason or another. One of those reasons being to give the Trustee the opportunity to finish his/her investigations or to finish administering the bankruptcy estate.

Customer: replied 1 year ago.


I see. The paralegal we spoke to was wrong, then - told us we could go ahead and purchase another home right now; basically told us that anything purchased after filing the 7 was safe.

Expert:  Phillips Esq. replied 1 year ago.

I see. The paralegal we spoke to was wrong, then - told us we could go ahead and purchase another home right now; basically told us that anything purchased after filing the 7 was safe.


Response:
No, it is not for the reasons stated previously.

Filing for bankruptcy protection does not guarantee that you would receive discharge of your debts— that your debts would be wiped out. Until your debts are discharged, until you receive a Discharge Order from the Court, you remain liable for those debts listed on your bankruptcy Schedules.

Customer: replied 1 year ago.


Thanks for the help

Expert:  Phillips Esq. replied 1 year ago.
You are quite Welcome!


Have a wonderful day
Customer: replied 1 year ago.


u2

Expert:  Phillips Esq. replied 1 year ago.
Thank you, but please do not reply to me. Otherwise, I would be prevented from answering other questions on the site until I respond back to you. However, I would ask that you rate one of my answers as it is the only way that I get credit for assisting you.

Thank you for your cooperation.

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