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Depending on whether you filed Chapter 7 or Chapter 13, it'll take two or four years to qualify for a conventional mortgage, one or two years for FHA or VA loans, and one or three years for USDA loan.
On the other hand, Chapter 13 bankruptcy focuses on reorganizing your debts. This often includes credit card debt, which means some credit card debt may be included in a Chapter 13 repayment plan.
If you filed for Chapter 7 bankruptcy, there’s a four-year waiting period after the discharge or dismissal date of the bankruptcy. For Chapter 13 bankruptcy, there is a two-year waiting period ...
A reaffirmation agreement in United States bankruptcy law refers to an agreement made between a creditor and the debtor that waives discharge of a debt that would otherwise be discharged in the pending bankruptcy proceeding. A properly executed, timely filed reaffirmation agreement modifies the discharge such that it is rendered inoperable ...
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
The Bipartisan Budget Act of 2018 renewed it for all of the tax year 2017 and offered a wide range of individual and business tax benefits that had expired at the end of 2016, including the "exclusion from gross income of discharge of qualified principal residence indebtedness (often, foreclosure-related debt forgiveness), claimed on Form 982." [2]
The impact of bankruptcy on a HELOC depends on the type of bankruptcy filing (Chapter 7 vs. Chapter 13). ... income or assets to repay creditors, Chapter 7 — often called “liquidation ...
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.