2006-07-25 02:07:25 · 8 answers · asked by ROBIN K 1 in Business & Finance ➔ Credit
I am not in bankruptcy because of frivilous spending. I am trying to refinance a commercial loan that is not included in the bankruptcy. There is a balloon payment due in November on this property.
2006-07-25 04:36:59 · update #1
You will need to get permission from the trustee and the court before incurring new debt. Refinancing the balloon payment will impact your ability to make the Chapter 13 plan payments. If you have an attorney, make an appointment to see him or her to discuss how to properly address this matter with the court. If you don't any attorney, you should get one.
2006-07-26 03:13:36 · answer #1 · answered by Carl 7 · 0⤊ 0⤋
Hey, just because you've had financial difficulty doesn't mean you're a lowlife. The problem is that you need someone to trust you, so that you can climb your way out! I know, it's tough when you're trying to do good and everyone is just telling you you're a horrible person.
Now, to answer your question there is good news and bad news. The good news is that once you've had your bankruptcy discharged, you'll be getting loan offers and credit card offers like crazy! That's because you won't be able to file for bankruptcy again, so there is no risk there for creditors! That will take about 2 years after your discharge. In 4 years you'll be able to apply for the loan.
The bad news is what I just mentioned: you have to wait until your loan is dicharged. That means you have to pay everything you currently owe according to the court, which should be significantly lower that what you owed prior to bankruptcy. Unfortunately, there's no way around that because it is pretty much impossible for anyone to loan you money in bankruptcy--even if they wanted to! Why? Because until your bankruptcy is discharged, all your finances are at the mercy of the court, which dictates who you pay and who you don't. Hope this helps.
2006-07-25 09:21:07 · answer #2 · answered by Courtney W 1 · 0⤊ 0⤋
You filed a Chpt. 13 to get out of debt. Now you want a loan to put yourself back in it! How moronic!
First off, the court doesn't usually allow someone in bankruptcy to get a loan within the 1st yr. Also, the court can dismiss your case because you got another loan w/o their permission, and you'll end up as if you never filed bankruptcy.
2006-07-25 10:49:14 · answer #3 · answered by Celeste 6 · 0⤊ 0⤋
I think you can forget about it. Knowing you are in chapter 13 bankruptcy is enough to keep anyone from lending you money. This is what got you to the point of where you're at now. STOP worrying about borrowing, and start worrying about paying. You will have this on your records for 7 years, and until then, there is no one going to lend you money.
2006-07-25 09:11:37 · answer #4 · answered by trueblond195 5 · 0⤊ 0⤋
Call me 512-351-8263 for Pre Paid Legal Services
2006-07-26 18:26:32 · answer #5 · answered by Wildflower 2 · 0⤊ 0⤋
No kidding. If you couldnt pay your bills the first time, you certainly shouldnt be getting any more loans.
2006-07-25 09:10:38 · answer #6 · answered by sahel578 5 · 0⤊ 0⤋
You have to ask yourself: Who is stupid enough to loan me money? That's where you go.
2006-07-25 09:10:17 · answer #7 · answered by Dave B 4 · 0⤊ 0⤋
I found some good info here.
2006-07-25 09:39:22 · answer #8 · answered by Anonymous · 0⤊ 0⤋