Private Money Lender/Bank Loans

[Bishop Kerry Duskin]

I am looking to get into the industry and looking for ways to get funding for the property I'm looking at commercial and residential. The only issue I have right now is I filed chap 13 bankruptcy in 2015 after a very bad divorce so not sure how to proceed and what I can and cannot do to get funding any assistance anyone can give or point me in the right direction to kick this off would be appreciated. Thanks

[Joel Owens]

Did you just file the chapter 13 and it was dismissed or are you currently still in a chapter 13 repayment plan?

Chapter 13's contrary to what people think do not help at all in many situations. They simply freeze the credit in a negative state until the plan is discharged from completion ( usually 3 years or so). If you filed and then didn't have the plan confirmed or paid for awhile and then stopped and case was dismissed then the creditors are still there. The penalties and interest keep piling up at that point.

So right now you might still have substantial debt, bad credit, etc.

That is why if people can do a chapter 7 it is so much better. You blow out everything to zero right away and it doesn't come back. In a span of 6 months or so you start rebuilding credit because you tend to be less of a risk with no debt. Usually a secured credit card for a few hundred bucks gets people going again.

Additionally you need to look at debts with your divorce decree. No matter if it says she is responsible per the decree the creditors on joint agreements could care less. If she doesn't pay they will come after you and start dinging your credit if you tell them per the decree it's not your problem. Now if you are in an active bankruptcy they can't actively try to collect. 

Sadly even if you just filed chapter 13 and immediately dismissed it is now stuck on the credit for 10 years. That is why it is a last resort.

No legal advice given.

[Account Closed]

Originally posted by @Bishop Kerry Duskin:

I am looking to get into the industry and looking for ways to get funding for the property I'm looking at commercial and residential. The only issue I have right now is I filed chap 13 bankruptcy in 2015 after a very bad divorce so not sure how to proceed and what I can and cannot do to get funding any assistance anyone can give or point me in the right direction to kick this off would be appreciated.

Thanks

When you say commercial and residential, do you mean flipping? Syndicating? Well one way is to start your own money fund and fund your projects that way, start offering 401K conversions into self-directed IRA's or simple create a private placement memorandum. Connect if you have any further questions or need some tips on how to proceed.

Thomas