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Sources. Average US Mortgage Debt Increases to $244,498 in 2023, Experian.Accessed July 18, 2024. 2024 Wills and Estate Planning Study, Caring.Accessed July 18, 2024.
For Chapter 13 bankruptcy, there is a two-year waiting period from the discharge date and a four-year waiting period from the dismissal date. The waiting period also depends on the type of loan ...
Depending on whether you filed Chapter 7 or Chapter 13, it'll take two or four years to qualify for a conventional mortgage, one or two years for FHA or VA loans, and one or three years for USDA loan.
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
Advantages of filing for Chapter 13 bankruptcy. While bankruptcy will stay on your credit report for up to seven years, there are multiple reasons you may want to choose Chapter 13 over other options.
Refinance your private student loans to a provider that offers discharge due to death if you live in a community property state. Avoid adding a cosigner, if possible. Avoid adding a cosigner, if ...
Bankruptcy waiting period. Foreclosure waiting period. Conventional loan. 4 years for Chapter 7 or Chapter 11 (2 years with exceptions); 2 years from discharge or 4 years from dismissal of Chapter 13
That being said, it can be discharged through a Chapter 7 bankruptcy. Under Chapter 13 bankruptcy cases, a portion of medical debt may be included in your repayment plan.