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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12955
Experience:  B.A.; M.B.A.; J.D.
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We are preparing to file chapter 7 in a few months. We have

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We are preparing to file chapter 7 in a few months. We have a family of five and will need to be living in an rv for a few years while my husband finishes his apprenticeship. We currently have a small travel trailer that is not livable for two adults and three children. We know we will need a larger trailer for extended living. my question is should we try and trade our travel trailer for a larger fifth wheel before or after filing? It will be our only place for living for the next 3-4 years.
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.


We are preparing to file chapter 7 in a few months. We have a family of five and will need to be living in an rv for a few years while my husband finishes his apprenticeship. We currently have a small travel trailer that is not livable for two adults and three children. We know we will need a larger trailer for extended living. my question is should we try and trade our travel trailer for a larger fifth wheel before or after filing? It will be our only place for living for the next 3-4 years.



Response: You should do it before the filing. Once you file, it would be very difficult for you to conduct this type of transaction because most lenders would consider you a high credit risk because of your bankruptcy filing and would not extend credit to you. So, it is better to get the exchange out of the way before filing.


Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12955
Experience: B.A.; M.B.A.; J.D.
Phillips Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.


I have read that making a major purchase prior to filing can be considered fraud since we know we will be filing chapter 7. Can our bankruptcy be denied because of this purchase?

Expert:  Phillips Esq. replied 1 year ago.

I have read that making a major purchase prior to filing can be considered fraud since we know we will be filing chapter 7. Can our bankruptcy be denied because of this purchase?

Response
: The "major purchase" is your home. You need to have a roof over your head. So long as you are making payments on the purchase, you would be able to overcome the creditor's potential claim that you obtained the credit by false pretense. Also, if you make any purchase before the bankruptcy filing, you should make sure not to file for bankruptcy protection within 90 days of the purchase. There is a presumption that debt acquired during 90-day of bankruptcy filing is acquired by false pretense with the debtor not having any intention to pay the debt. The creditor must actually file complaint to assert this right and prevail in order for the affected debt not to dischargeable. Most creditors do not file this complaint if you are actually making payment on the purchase. Nonetheless, if you file for bankruptcy 91 days after the purchase, the purchase would be out of the presumption period. In addition and more importantly, if you are making payments on the purchase you would able to rebut the presumption that you obtained credit with no intention to pay.


Can our bankruptcy be denied because of this purchase?


Response: No.

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