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Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
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.
See: 4 Debts That Are Not Discharged in Bankruptcy Also: 3 Debts You Can Get Canceled Forever. Bankruptcy makes it harder to do things like qualify for a mortgage. But that doesn’t mean it’s ...
Insolvency – An insolvent borrower whose mortgage debt has been forgiven may not be obligated to pay taxes on all or part of the cancelled debt. Insolvency will only be considered when the borrower's total debt exceeds the market value of the assets. Bankruptcy – All debts discharged under a certain bankruptcy are regarded as non-taxable ...
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 ...
To get a mortgage after bankruptcy or foreclosure, ... (2 years with exceptions); 2 years from discharge or 4 years from dismissal of Chapter 13. 7 years; 3 years with exceptions.