is it possible to be property Investor while bankrupt what aspect of investing would you consider what strategy would you implement, what would you need to consider? Are there any investors in that situation now???
Announcement
Collapse
No announcement yet.
Investing in NZ
Collapse
X
-
Originally posted by Niall View PostPInewbie,
Take over the mortgage payments of distressed vendors with the option to buy the property after you are out of brankruptcy.
All the best,
Niall
I always through being bankrupt was very restrictive (as it should be) unless you just happen to have stashed all your money away into a trust which cant be touched.
Comment
-
CJ,
The money to pay the mortgage comes from the new tenant.
Is an option an asset? Best ask the assignee.
Some infor may help from this source -> http://www.insolvency.govt.nz/cms/pe...ruptcy/#assets
During bankruptcy you may not:
- Be a director of a limited liability company;
- Withhold information or mislead;
- Incur credit of $NZ1,000 or more without disclosing you are bankrupt;
- Conceal assets;
- Stop, attempt to stop, or hamper the Official Assignee dealing with any property or assets.
Top
During bankruptcy you may not without consent:
- Leave New Zealand;
- Enter into, carry on, or take part in the management or control of any business;
- Be employed by a relative or entity owned, managed, or controlled by a relative.
**********************************
All the best,
Niall
Comment
-
Originally posted by Niall View PostThe money to pay the mortgage comes from the new tenant.
Is an option an asset? Best ask the assignee.
[*]Enter into, carry on, or take part in the management or control of any business;
Comment
-
Originally posted by Baron Silas Greenback View PostI find it morally disturbing that you want to accumulate assets at the same time you owe creditors because of bankruptcy. Some of these creditors could be facing bankruptcy themselves because of you. I better stop this post before I really start saying what I think of the OP......
Comment
Comment