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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 ...
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.
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 ...
[13] In Chapter 12 and Chapter 13 cases, the debtor is usually entitled to a discharge upon completing all payments under the plan. If the debtor fails to complete a required personal finance course after filing a Chapter 13, they will be ineligible for their discharge. Roughly 25-40% of Chapter 13 debts receive a discharge. [14]
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.
I briefly scanned the source that was cited for the bankruptcy filing statistics in 2003 and 2004. Although the source does use the term Business filing and lists the quoted numbers for Chapter 13 business debtors, the fact is that businesses are not eligible to file for bankruptcy protection under Chapter 13. Chapter 13 is solely for individuals.
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 ...