Discharged but have ???

[stanblam]

Hello all, thanks for all the help in here. I asked a few specific questions but mostly read and researched old posts. You people are great.
I was discharged the 10th, chapter 7, no asset case. I kept my home, however, did not sign a re-affirm. I don't really understand what that means to me now... I haven't missed any payments, never been late, but also have No equity in the home.

So, I don't sign the re affirm and I can walk away at any point?

How long until it is closed? What happens in between? I can do anything I want now after discharge? My money is mine no matter where it comes from?

If I walk from this home, can I buy another? I think I saw something about 3 years wait... well, if I walk, then what?? Rent?? With a BK...who will rent to a man with a BK?? Slum lords?? Not my style, I make 90K and I must tend to my family now,,, so anyone have some advise on these questions? Thanks so much, J

[lrprn]

I was discharged the 10th, chapter 7, no asset case. I kept my home, however, did not sign a re-affirm. I don't really understand what that means to me now... I haven't missed any payments, never been late, but also have No equity in the home.

It means that if your financial situation changes in the future, you can walk away from the house at any point owing nothing.

How long until it is closed? What happens in between? I can do anything I want now after discharge? My money is mine no matter where it comes from?

See HHM's excellent explanation of discharge vs. closing at http://www.bkforum.com/showthread.php?p=72253#poststop

If I walk from this home, can I buy another?

Yes, although the terms may not be very good for 2-3 years. Your credit report will need time to recover from the bankruptcy and also the foreclosure following it.

With a BK...who will rent to a man with a BK?? Slum lords??

Hardly. Do a forum search for this topic - there are many, many posts about members who have filed and found excellent quality rentals during their bankruptcies and afterwards.

Be honest about the bankruptcy if asked. Some landlords may refuse to rent to you - that's their right whether you filed bk or not. Other landlords are much more sympathetic - many have had their own financial issues over the years. Look at the smaller, non-corporate properties rather than the big complexes. Expect no matter where you rent that you may be asked to pay 1-2 months rent in advance plus the security deposit.

With all the housing stock available due to all the foreclosures around the country, you might be pleasantly surprised at how welcoming a local bank may be to a request to rent a foreclosed property they can't sell, or a homeowner will be who needs to move but can't sell. Both are good possibilities to find a decent rental.