Can You Purchase A Home While In A Chapter 13?

Can you purchase a home while in a chapter 13?

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Min Austria
Assistant at Ascent Law LLC

It is possible to buy property in Chapter 13 bankruptcy. However, it is important to understand the consequences of buying property to determine if this is the proper course of action.

In order to buy real estate, you must obtain a mortgage from a financial institution. Typically, the lender and borrower each sign an agreement which contains terms such as the interest rate and amount borrowed. The borrower must make monthly payments to pay off the debt. In general, lenders prefer to lend money to people who have a steady income. This makes it more likely that they will be able to repay their debts on time.

A Chapter 13 plan may allow you to buy property even if your income is unsteady. This is because your debts are not paid off over time; instead, you pay them through a portion of your income. If you are approved for a mortgage under Chapter 13, you may still be required to show proof of steady income before getting financing for your home purchase.

If you need a Chapter 13 Bankruptcy Lawyer, please call this law firm for a free consultation.

Ascent Law LLC

8833 S Redwood Road Suite C

West Jordan UT 84088

(801) 676-5506

Utah Lawyer for Divorce Business Bankruptcy Probate Estates
Ascent Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you.
https://www.ascentlawfirm.com/

Location: Provo, UT, USA

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