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Ronald Joseph Lundquist
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Ronald Lundquist’s Answers

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  • We did bankruptcy(surrendered our house)& discharged 2 years ago. The house is in our name. How long do we wait to buy again?

    Our house is going up for sale in Feb.

    Ronald’s Answer

    Mortgage lenders have told me that from 2-5 years after your bankruptcy is discharged is when you are most eligible for new financing.
    Lenders will look at several critical factors in deciding whether to extend credit. Some of these factors include:
    1. To what extent has your credit been rebuilt after your bankruptcy?
    2. What is your current debt to income ratio?
    3. How much of a down payment can you bring to the table?
    4. Do you have a co-signer?

    My website has a link to a PDF I have assembled regarding rebuilding credit, and there is some information in it about mortgage loans after bankruptcy. My web site is:

    www.all-bankruptcy.com

    Thank you and good luck!

    Ron Lundquist

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  • What should I do with my debt situation and summary for judgement?

    I have been served with papers for a summary of judgement against me in the amount of 8k. I have admitted to them that I did owe the debt and what not (mistake but it was better than doing nothing at all). I have about 16k in credit card debt i...

    Ronald’s Answer

    The description of your situation raises several issues not easily addressed in this format. For example paying for your mother's schooling could cause an issue in a Chapter 7 case should a trustee consider this a preference or a fraudulent conveyance.

    I would also like to note that I saw a comment from another attorney that because you were under median income that you are qualified to file for Chapter 7. That is not true. Under median income itself is just one factor to consider in making the evaluation whether a client qualifies for Chapter 7 or not. The fact of the matter is that a Trustee can object to an under median Chapter 7 case for a multitude of reasons.

    Feel free to visit my web site for detailed info: www.all-bankruptcy.com

    Thank you!

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