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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.
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 ...
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 ...
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
A bankrupt is normally automatically discharged after one year or less if the bankrupt is eligible for an early discharge. An income payments agreement or order in bankruptcy (if one is applied, depending on the individual's disposable income) will not last for more than three years and payments are generally much lower than under an income ...
That could mean difficulty securing the financing needed for a mortgage, auto loan or any other line of credit in the future. ... A dismissal opens the door to possibly re-filing for Chapter 13 ...