Can we receive money from my mother to purchase a house after we recently filed bankruptcy without repercussion?
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Can we receive money from my mother to purchase a house after we recently filed bankruptcy without repercussion?
We (my husband and I) filed Chapter 7 almost 3 months ago. We appeared in court last month. We are trying to find a foreclosure or HUD home to buy. My mother has the money to purchase a home as an investor but can she just give the funds us so we can buy as owner / occupants instead of having to wait for the investors window. Waiting on the investors window is taking away our chance of getting a decent house.
Asked on February 9, 2012 under Bankruptcy Law, Georgia
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
No, you will not qualify to do so and to do so could void your bankruptcy or automatically have your new home be an asset from which the court/trustee must be informed of or use to dismiss your case. You are seeking a full discharge. Your credit report will already show this bankruptcy and even if you have the funds, you will have to show this as an asset in your bankruptcy. Consider an alternative or have the court dismiss your bankruptcy or switch it to a Chapter 13 to reorganize your debt in such a way you can pay it back.
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