Question

[bnkruptintexas]

What is the name of your state? TX

I am curious....I posted a question a while back about obtaining a 30 day loan from my local bank to purchase my school books as I wait for my financial aid to come in. I was under the impression that my discharge was going to be Jan 3, however, I have found that was the deadline for an objection and the actual discharge may not occur for another month or so. Anyway, I asked if it was okay to go ahead and get this loan and most said it was. I have seen several people talk about getting credit cards/auto loans, etc. on this forum before discharge...how do they do this? I talked to my lawyer about this book loan and was told absolutely not that I could not incur debt until after the discharge. I am confused and I do not understand why some people can and some can't. Could someone explain??? I am not worried about getting a loan for my books anymore, I am just confused as to what you can and can't do before discharge.

 

[Ladynred]

Your lawyer is right, listen to him.

Why can't you do it before discharge ?? Think about it. You're telling the Trustee and the BK court that you have no money to pay your creditors yet you turn around and incur new debt ?? How are you to pay for it if you can't pay your other creditors ???

The discharge may not take as long as a month. Once the 60 days for objections is up, and that includes the Trustee, you are basically discharged and just waiting for the final order to be entered - and for the Trustee to close your case.

People who incur new debts before their discharge are playing Russion roulette - bad idea. Once you're discharged, its pretty much all over and you can do as you please.

Does that make sense ??

 

[bnkruptintexas]

Yes, that makes sense. I was under the impression that it was all over and done with on that 60 day mark but I found out otherwise. I am certainly not looking to get myself back in the same boat I was on, but I have just watched others get new cars, etc. and I can't even buy my school books! Thanks so much for answering all of my questions. If I can get caught up the first week of school and I can keep my car running for now then I will be in good shape. This whole process just seems to have been so stressful and I felt my attorney left me with many unanswered questions. I'm glad to have found this forum as all of you have been able to shed some light on the process, etc. Thanks again!