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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.
Sometimes, you can apply for a mortgage right after your bankruptcy is discharged or dismissed. But in most cases, you’ll need to wait. ... If you have a down payment of less than 20%, you’ll ...
“Back in 2008, a few lenders did file for bankruptcy protection post-loan approval and pre-closing, and the borrowers had to scramble to move their loan to a new lender,” says Burgelin ...
Foreclosure occurs when a homeowner stops paying their mortgage for an extended period — typically 120 days following the first missed payment. ... filing for bankruptcy will cause an injunction ...
When filing for bankruptcy, the goal is to eliminate as much debt as possible and get a fresh financial start. As part of this process, several types of debts will be discharged immediately or at ...