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Can I refinance if I file for bankruptcy?
We've fallen behind on our mortgage payments and have to file bankruptcy to stop the foreclosure. Can we refinance if we file for bankruptcy?
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Answers
Yes, you should be able to refinance if you file for bankruptcy. During the bankruptcy process itself, you will need to disclose any such financial decisions to the bankruptcy trustee and court, so that your petition and paperwork can be adjusted accordingly.
Usually, you will be limited in what you may do while your bankruptcy is pending, the the courts will ususally look favorably upon your ability to better your financial situation.
If you refinance after you have filed for bankruptcy, then you need not do anything, unless you are paying into a chapter 13 repayment plan. In this case, it would be wise to notify the trustee of the change in your financial situation so that it can be incorporated into your chapter 13 repayment plan.
Talk to your attorney about the best strategy for refinancing during or after you file for bankruptcy.
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Posted by Staff Writer on 18 Feb 2010
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