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After a bankruptcy has discharged and closed, you may be eligible for a conventional mortgage as well as an FHA, VA or USDA loan if you qualify. “But you’ll need to meet the waiting period ...
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 ...
When you're going through bankruptcy, applying for a loan might be the furthest thing from your mind. "People can absolutely recover from bankruptcy," says Jordan van Rijn, senior economist at the ...
FHA loans will also accept applicants who are at least one year into a Chapter 13 repayment plan, provided they have court approval. Conventional loans typically require borrowers to wait four ...
Credit cards, pay day loans, personal loans, medical bills, and just about all other bills are discharged. In Chapter 7, a debtor surrenders non-exempt property to a bankruptcy trustee, who then liquidates the property and distributes the proceeds to the debtor's unsecured creditors. In exchange, the debtor is entitled to a discharge of some debt.
Once a bankruptcy case is filed a debtor must file a motion in court and obtain a court order to redeem the property. This process is most commonly used to redeem vehicles that are worth less than the outstanding loan on the vehicle. The process allows a debtor to pay the current market value of the vehicle versus the outstanding loan on the ...
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