Bainbridge Island, WA asked in Bankruptcy for Washington

Q: If you file for chapter 7 bankruptcy, during the process, can you purchase the note on the home that you bankrupted?

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2 Lawyer Answers
Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: Yes, although it may bring serious inquiries from the Court as to where the money came from and how you were able to do so.

Mark David Nusz
Mark David Nusz
Answered
  • Bankruptcy Lawyer
  • Bellingham , WA
  • Licensed in Washington

A: Yes, you could redeem the house. As the previous attorney mentioned, you would attract scrutiny if this was a large transaction and you'd need to make sure the source of money was legitimate, and outside of the reach of the trustee if you did not do the redemption.

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