Yes, landlords are permitted to run credit checks on potential tenants and are permitted to turn down applications if you have a low credit score as a result of bankruptcy. This is because it is possible that you are a risk of non-payment for the landlord.
One way to avoid this problem is to secure housing before filing for bankruptcy. This way, your credit will not be as bad as after the bankruptcy. Also, if you secure a one or two year lease, the next time you are looking to secure housing, the bankruptcy will be older and you will also have a strong rental history.
If you have already filed for bankruptcy and are looking to rent, consider asking your potential landlord if putting down a large deposit would help you secure housing.
Typically, lenders will not want to loan money to anyone that they feel could not have the ability to pay the loan. When applying for a loan, you must answer “Yes” to the question, “Have you ever filed for bankruptcy before?” that will appear on the application. This may cause the lenders to believe that you are financially irresponsible and make them hesitant to provide you with a loan.
However, having a bankruptcy on your credit report isn’t the worst. Lenders understand that everyone hits a few bumps and are willing to give you another chance. The more money that you put down, the higher the chances are of getting a loan after bankruptcy. Also, going through a bank that you have already established yourself with may be helpful and help you get a lower interest rate.
Some lenders will not hesitate to lend to someone who’s recently filed for bankruptcy because they can charge a higher interest rate and they also know that you can’t file for bankruptcy again for a number of years.
A tenancy by the entirety is a property ownership where each spouse owns the entire estate. Therefore, neither spouse can deal with the property independently of the other. One advantage of this is that if one spouse files for bankruptcy and the properties in question are under both spouses name, then that property will be protected under tenancy by the entirety.
However, if both spouses file for bankruptcy, the properties would not be protected under tenancy by the entirety and the properties may be liquidated in order to pay back the creditors who are owed (provided that the house in question is an exempted).
No there is not a minimum amount of debt that you must owe in order to file for bankruptcy. However, it is important to make sure that you are confident that your financial situation is not a temporary one before you consider bankruptcy. Bankruptcy should be used only when debt is beyond your ability to repay.
One [...]
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No, filing for bankruptcy would not authorize any utility company from shutting off your services. However, you would have to keep paying your utility bills. If you are unable to pay your bills, Massachusetts law prohibits utility companies from terminating their services in particular situations and at specified times during the year.
Massachusetts law prohibits utility [...]
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Debt forgiveness occurs when your bankruptcy case is closed, upon foreclosure, or short sale of a primary residence.
If your home is underwater and is given up in foreclosure or sold as a “short-sale,” the IRS will issue a 1099-C and come after you for the deficiency because debt you no longer have to pay back [...]
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Bankruptcy is a federal proceeding and same-sex marriage is not recognized on a federal level (yet). Therefore, same-sex spouses cannot file joint bankruptcy petitions.
One significant drawback to this is that the cost of two bankruptcy cases will obviously be higher than for one case. However, same-sex spouses tend to have less joint debt than heterosexual [...]
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When you file for bankruptcy, the “automatic stay” goes into effect immediately and halts nearly all collection attempts against the person filing for bankruptcy. Once your Chapter 7 or Chapter 13 bankruptcy is filed, your landlord may not proceed with an eviction attempt under certain circumstance.
However, more than likely, your landlord will file a motion to [...]
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Although transferring ownership to your spouse or child may sound like a good idea, you should be extremely careful before transferring real estate or other property just prior to filing for Bankruptcy. This is because it may be considered a fraudulent conveyance. The federal bankruptcy Trustee will review your bankruptcy petition as well as any real estate [...]
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If you have what we categorize as a “no-asset” (means that the debtor has no money left over in the bankruptcy estate that the Trustee or creditor can claim) case in a Chapter- 7 Bankruptcy in the Greater Boston area, and you miss some creditors, chances are that your debts will be forgiven in Bankruptcy, [...]
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