Legal Question in Bankruptcy in Pennsylvania

Incorporation

Two years ago I had two investment properties, had major expenses and maxed out my credit cards, had to pay cash for repairs, missed two credit card payments and intr rate went from 9% to 33% monthly intr rate payments were over 1200.00, sold the properties, still not enough to wipe out the credit card debt, balances more then doubled with ongoing intr charges, filled bankruptcy. Credit rating went from 760 to 410 in a matter of months. Question is if I were to form a corporation, whose main purpose is investing in real estate, would I be able to obtain credit again under the new corporation which would allow me to purchase new investment property and be granted credit cards again in the event of an emergency.


Asked on 1/06/08, 6:15 pm

1 Answer from Attorneys
John Gibson John W. Gibson, Esquire

Re: Incorporation

Maybe but even if it is possible it is not a good idea. Unless you disclose your personal bankruptcy, and I guarantee that the credit card companies will ask on the application, the credit card companies and perhaps the local D.A. will view the financing scheme as fraudulent.

Read more
Answered on 1/12/08, 1:15 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Pennsylvania