If my bankruptcy plan is accepted to keep my house from foreclosure can i then rent out my home?
Question:
Answer:
Yes you can...BUT...
Expect the proceeds to be attached by the bankruptcy court so that the funds go towards paying your creditors...
no
Only if you are willing to commit fraud.
Even in bankruptcy, you can't keep the house unless you keep the mortgage. If you can afford to make the house payments and pay rent, you are NOT bankrupt. If you can't, you don't have a hose to rent.
Yes, you can. There's no prohibition against gaining more income when you're in bankruptcy. That would be a little silly, since more income can be used to get current on your bills faster.
Expect the bankruptcy court to want to be informed of the rental income, though. They'll use the rental income as more resources to make payments and expect you to complete the bankruptcy quicker. Of course, if you file the bankruptcy, rent the home out, and fail to mention that fact to the courts, there probably will not be any bad consequences.
You can't be 100% sure you'll be able to rent it out, so there's no reason to count that as income now. You can only enter into the bankruptcy based on your current financial condition -- if it improves later on, that's great for you. But there's nothing preventing you from getting a second job, selling assets on the side, or renting the house.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/...
You are definitely able to make extra money after filing bankruptcy but it will all go towards paying off your bills. (faster which is better) I would ask a bankruptcy lawyer for details. Go to http://www.legalhelpers.com first consultation is always free.
I'm thinking once you go bankrupt and its all said and done then yes you are in the clear to rent out your home. But i would talk about the issue with the lawyer that helped you file bankruptcy, he would know for sure.
And good luck.
Yes, it's mean this is your house and you can rent or remodel, just keep pay for it. They don't care what you do with your house, they care that pay and if you need to rent to help with a pmt is OK. Good Luck!
sure it will help pay down the debt quicker! i
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