Bankruptsy and Home Buying

[Vnessa06.vf]

What is the name of your state (only U.S. law)? Florida
My husband and I resently filed for chapter 7 personal bankruptsy because medical reasons and bills. Our house is in foreclosure and will be foreclosed soon. While looking for a apt/house for rent we noticed some other homes in the neighborhood value dropped and are for sale with mortgage lower than rent rate. Can we start up a LLC owned by a trust and have the trust or LLC purchase a house?

 

[Mass_Shyster]

Sure, an LLC can buy a house. The question is Where will the LLC get the money to buy a house. Since a new LLC has no credit history, no income, and no ramifications if the LLC stops making the mortgage payments, it would be very difficult for the LLC to borrow money.

 

[OHRoadwarrior]

I'd love to know where they will get the money to fund the LLC and how they will explain the monies diversion to the court.

 

[Vnessa06.vf]

Thank you SteveF for your sensible reply.

 

[LeeHarveyBlotto]

For a person with financial problems severe enough to file BK, making a major purchase such as a house is one of the most brilliant ideas ever.