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Chapter 7. Chapter 13. Conventional. ... Chapter 13 bankruptcy. The waiting periods following a Chapter 13 bankruptcy are, thankfully, shorter, “because the borrower has already taken time to ...
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
Conventional loans typically require borrowers to wait four years after a Chapter 7 discharge or dismissal to apply for a new mortgage. If you’ve filed for Chapter 13, you can apply two years ...
The new legislation also requires that all individual debtors in either chapter 7 or chapter 13 complete an "instructional course concerning personal financial management." If a chapter 7 debtor does not complete the course, it constitutes grounds for denial of discharge pursuant to new 11 U.S.C. § 727(a)(11) .
11 U.S.C. § 707(b) (Chapter 13 of the United States Bankruptcy Code, as amended by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005) FIA Card Services, N. A. , 562 U.S. 61 (2011), is a decision by the Supreme Court of the United States involving the means test in Chapter 13 of the United States Bankruptcy Code .
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 ...
Filing Chapter 13 immediately after Chapter 7 is also referred to as Chapter 20 bankruptcy. You won’t receive a discharge when filing Chapter 20 since you aren’t waiting the full four years.
Chapter 13 bankruptcy offers a way to reorganize and pay off debts over three to five years without losing essential assets like a home or car. It provides a structured repayment plan and an ...
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