bankruptcy?

Question

how long after selling a house can you go bankrupt

Answer 1

Your question is impossible to answer without more information and you should consult a local bankruptcy attorney.

It sounds like you might be planning to sell your home, spend the proceeds and then file for BK. That might not be a good idea. The homestead exemption laws of your state might even allow you to keep most of the equity of your home.

The bottom line is that you cannot rely on the advice in this forum. Most of the answers you've receive so far are just plain wrong. Go see a local attorney.

Answer 2

First you need to examine why you would want to go bankrupt. If you are in financial difficulty go to a debt management company and get a debt management plan. This will then freeze all interest until you are back on your feet and able to restart normal payments.

Bankruptcy should be seen as a last resort only. It will mess up your life and you will not get credit for 7 years (even overdrafts) and after that, you will probably be charged exorbitant rates.

To go bankrupt you need to prove to a judge that you can not (rather than don't want to) pay your credit. All your assets will then be taken into consideration i.e. car and the judge will make his decision.

Think about it before you do it.

Answer 3

On the form you fill in for bankruptcy you have to declare any bank accounts that have been open in your name in the last two years.

So the simple answer is to move the proceeds from the house sale into the name of somebody you trust, close the bank account and then wait for two years and a month before going bankrupt.

Oh, and you need to get rid of any other assets you have as well at the same time, live in rented accomodation, ditch your job and live off the state.

Answer 4

Spend ALL your assets first. Put anything of value you have left into trustworthy family/friends names, always rent a fully furnished property, wherebye you OWN NOTHING, then and only then go bankrupt, your creditors will get NADA. A friend ov mine has just done it, he is disabled and on benefits BUT was taken to the cleaners by some B..CH and was left owing thousands it was his only way out. Otherwise change ya name by deed poll (cost 30.00 on net) and lose the debts that way...I know I gonna get in trouble for advising you this BUT hey man what the heck.

Answer 5

It's not a question of how long you need to realise that if you go bankrupt you will need to declare any assets to the administrator he will want to know and have proof what you have done with the money from the sale of your house

Answer 6

I am afraid the only people who would know the answer to this question would have to be speaking from experience. I can only say that I cannot see what would be in it from my point of view. Besides, there is no such thing in Scotland.

Answer 7

Don't do the deed poll trick. One it's probably criminal. Two you would probably not fend off determined creditors. Better to come to arrangements with your creditors.

Answer 8

2 yrs

Answer 9

like right away i think

Answer 10

7yrs