When does your Ch 13 officially start?

[Mary Irene]

I am in a 100% plan. It was filed in march 06 and confirmed in sept. 06. My fiance and I want to buy a house that is so cheap it would be less than our rent. He may not qualify without my income though (he has good credit). We'd be stealing this house it's so cheap. I heard you had to wait a year, so is it a year from filing (I've made payments from March while waiting) or a year from confirming? Thanks.

[Peevee]

It starts on the date you filed.

[lrprn]

My fiance and I want to buy a house that is so cheap it would be less than our rent. He may not qualify without my income though (he has good credit).

If this house involves you taking on more debt (even if it does save you money), then you must get your trustee's permission first. Since you're in a 100% plan, at least you don't have to worry about the trustee taking the extra money you'll save as new disposable income.

There's no official length of time dictated by the bk law about taking on new debt. However, the longer you've been in Ch 13 with on-time payments, the more likely your trustee will agree to a home purchase.

[shadowb]

Question objections

We just filed. What are some things that can be objected to?

[EveryDayAdam]

Also debt for a house is considered "good debt" and unless you are buying a palace, then the trustee has little reason to object...especially if you are in a 100% plan, AND the payments on your mortgage will be less than what you are paying now in rent or your current mortgage.

Definitely talk to your attorney about the possibility...I doubt you'll have any trouble executing it, but there is some extra paperwork that needs to be done.

[AboutToBK13]

From what I understand, unless you are going to get an FHA loan for the house, it will be difficult while in a Ch 13. For FHA to approve you, you have to have made payments for at least 1 year prior to getting the loan.