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Applying for a mortgage post-bankruptcy is similar to a regular application — only with a few extra steps. That way, when your bankruptcy discharges, you’ll be on the road to homeownership. 1.
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 ...
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 ...
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 ...
In a Chapter 7 case, the debtor has no absolute right to discharge. A creditor or trustee may file an objection to the discharge of the debt. To object to a discharge, a creditor must file a complaint before the deadline outlined in the notice sent by the bankruptcy court. More than 90% of Chapter 7 debtors receive a discharge of debts. [12]
Homeowners should expect to receive Form 1099-C, Cancellation of Debt showing the cancelled debt amount. All taxpayers, including those who qualify for the exemption, will get the form in the mail if they had debt cancelled. Those who qualify for the exclusion will be required to file Form 982 with their taxes for that year.