If my Chapter 7 was discharged last month but a family member has offered to financially help me save my house, is this possible?

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If my Chapter 7 was discharged last month but a family member has offered to financially help me save my house, is this possible?

Asked on March 2, 2012 under Bankruptcy Law, Colorado

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

With a discharge in a Chapter 7, it basically means you no longer pay the debt but keep in mind, that also means that any property securing that debt is no longer yours. So this means that your lender can now institute foreclosure proceedings and eviction proceedings. You can certainly re-affirm the debt now with your lender (like any other loan you may have had discharged in bankruptcy) but that means that the debt again becomes yours and you probably will have to sign new paperwork regarding that mortgage. It is possible but look at it very every perspective to see if it is manageable.


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