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Here’s an overview of how long after bankruptcy you can get a mortgage, depending on the kind of loan and the chapter you file: ... The waiting periods following a Chapter 13 bankruptcy are ...
It is certainly possible to lose your house in Chapter 7 bankruptcy. “If your mortgaged property isn’t excluded from a Chapter 7 bankruptcy, a lender with a lien can force its sale,” Adams says.
Chapter 7 is the most common form of bankruptcy, allowing someone to completely eliminate (or liquidate) their debt after a specific amount of time. Chapter 13, on the other hand, restructures ...
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 ...
Long repayment period: Chapter 13 typically requires a three- to five-year repayment plan, which can be a lengthy commitment compared to Chapter 7, where debts are usually discharged in a few months.
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.
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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 ...