Question: Question about Filing a bankruptcy? My husband's son (from exwife) try to buy our house.  But I'm just wandering his son had just filed a bankruptcy.  Can you buy a property or even loan a property if you filed a bankruptcy? What are the advantages and disadvantages of filing a bankruptcy?

Answer: The only thing that will stop him may be his inability to get a loan.   If you are financing the loan for him, then it shouldn't be any problem at all.   \n\nFiling bankruptcy doesn't preclude you from developing credit again, but it does basically put you at the bottom of the scale when it comes to getting good interest rates and "instant approval" type stuff.   \n\nIn your position, if you are making the sale to him as just a normal person to person sale, and he gets the loan....the burden of the mortgage will go to him.   You are off free.  \n\nIf you are making the sale to him as an owner, you are basically becoming the bank giving him the loan.   If he falls behind on payments, or doesn't pay you at all...then you are in the postion to be forced to reclaim the property from him.   Note:  Any unpaid taxes are yours too.
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