Expert: Terry Leeders - 1/10/2008

Question
Hello,  I am currently in a chapter 13 with one year complete and 2 more to go.  My question is: I have an opportunity to buy a house that will give me enough money in equity to fulfill my chapter 13.  Am I able to do this?, and do I pay what is remaining on the chapter 13 or do I have to negotiate with the creditors to resolve the debt?

Thank you for your help . . .

Answer
You would need court approval to purchase the home.  The court wants to see that it is reasonable and necessary.  Obviously, you need to show the court that you can afford the mortgage and costs etc.  Speak to your lawyer about getting a motion to incur debt to purchase the home granted for you.  Good luck.  The purchase of a home would have no impact on your plan