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Bankruptcy proceedings can give you some much-needed breathing room, but they also come with serious financial ramifications — including, potentially, for your home. Exactly what happens to your ...
Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt.
Sometimes, you can apply for a mortgage right after your bankruptcy is discharged or dismissed. But in most cases, you’ll need to wait. Chapter 7 is the most common form of bankruptcy, allowing ...
A bankruptcy discharge is a court order that releases an individual or business from specific debts and obligations they owe to creditors. In other words, it's a legal process that eliminates the debtor's liability to pay certain types of debts they owe before filing the bankruptcy case.
From there, two potential consequences could occur: a case dismissal or conversion to Chapter 7 bankruptcy. Case dismissal. After one or more missed Chapter 13 payments, the trustee may file a ...
To get debts discharged through Chapter 13, you must wait four years after filing a Chapter 7 bankruptcy. You can file for Chapter 13 before four years if no debts were discharged in the Chapter 7 ...
The fastest way to purchase a home after bankruptcy is to spend two years cleaning up your credit by making on-time payments while saving for a down payment. To get approved for an FHA loan, aim ...
The future ramifications of omitting assets from schedules can be quite serious for the offending debtor. In the United States, a closed bankruptcy may be reopened by motion of a creditor or the U.S. trustee if a debtor attempts to later assert ownership of such an "unscheduled asset" after being discharged of all debt in the bankruptcy.
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