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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.
If you have a down payment of less than 20%, you’ll need to pay for private mortgage insurance. Get Pre-Approved Mortgage pre-approval is a great way to know if you’re ready to buy a home ...
Bankruptcy can clear out overwhelming debt, especially unsecured debt, making it easier to manage your mortgage and home equity loans. While Chapter 7 liquidates non-exempt assets to pay creditors ...
If a borrower is struggling to make payments, the options are: Bankruptcy: ... Get relief from the stress and uncertainty of struggling to make mortgage payments. Cons. Mortgage debt forgiveness ...
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 ...