How long can a BK remain open? How does this affect my ability to obtain new credit?

We filed Chapter 7 a year ago. Court has discharged 10 months ago. One asset is for sale -10 acres of vacant land. In the meantime, my home is crashing in value (1st 300k, equity 105K) value $416K. I now have a good job but could be riffed at any time. When the value reaches 299k, since the case is still open can I add the equity line to the claim even though my creditors have been discharged Does the case being open affect my ability to obtain a credit card? I need it for business travel at the major corp I work for. Can I get a HUD loan?

Asked on October 13, 2011 under Bankruptcy Law, California

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

Has the Trustee abandoned the remaining assets (other than the 10 acres)?  If not, you should request the Trustee do so.  That way, the bankruptcy being open shouldn't affect you from doing anything.    I'm not sure I understand your question about adding the equity line "to the claim".   Are you talking about the lien against your property, or the underlying debt?   The debt itself was discharged in your bankruptcy case already, unless you entered into a reaffirmation agreement on that loan.  So, if the property is foreclosed on, you owe nothing further.  If you're asking if you can get rid of the lien against the property, the answer is no.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

Has the Trustee abandoned the remaining assets (other than the 10 acres)?  If not, you should request the Trustee do so.  That way, the bankruptcy being open shouldn't affect you from doing anything.    I'm not sure I understand your question about adding the equity line "to the claim".   Are you talking about the lien against your property, or the underlying debt?   The debt itself was discharged in your bankruptcy case already, unless you entered into a reaffirmation agreement on that loan.  So, if the property is foreclosed on, you owe nothing further.  If you're asking if you can get rid of the lien against the property, the answer is no.

 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr


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