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How hard is it to get financed for a home while in a chapter 13 bankruptcy?
Wiki User
∙ 15y ago
To get a home loan while in chapter 13 bankruptcy is not that hard. The most important aspect of getting approve for a new home loan is your ability to repay the home loan. A lender may approve your home loan but your bankruptcy trustee may not allow you to get a new home loan. What you need to do is contact your trustee and lawyers involved with the case. You will need to get a payment history of your current chapter 13. Very important that you have never been late beyond 30 days for your current bankruptcy. You will need to provide you lender with all of your bankruptcy documentation to get approved for the loan. Once you have contacted your lawyers and trustee, they will request your most recent 2 year tax statements and will ask where is the down payment coming from. This is extremly important, unless you qualify for 100% financing or an FHA home loan. If you prepare yourself correctly there is about a 90% chance that you will get approved for a new home loan. Visit the page listed below for more information. We assist borrowers with purchases after or during bankruptcy to get new home loans. http://www.lowermymortgageratestore.com/BANKRUPTCY_is_bad_FORECLOSURE_is_worse.htm
Wiki User
∙ 15y ago
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How hard is it to get a mortgage after chapter 13 discharge?
If you have just filed bankruptcy, you will not be barred from ever obtaining a mortgage loan; however, you will not be able to get one immediately. When you can get a mortgage after bankruptcy will depend upon the type of loan you want, the type of bankruptcy you filed, and how good your credit is at the time you want the loan.
What are the advantages of filing for bankruptcy?
The advantages of filing for bankruptcy are different depending on which chapter bankruptcy is filed. Chapter 13 is more for home foreclosure and auto loans, it's advantages allow the person in debt to pay their debt back over a longer period of time and keep the things they have worked very hard for. Chapter 7 advantages are that the person in debt can make payments for less than a year and be debt free and most if not all of the unsecured debt owed can be dropped.
Why you have to file bankruptcy?
As a general rule, you file Chapter 7 bankruptcy in a dire financial emergency, where the level of debt is overwhelming and beyond your ability to reasonably pay it off. Most Bankruptcy attorneys advise that $10,000 is the min. amount of debt that anyone should have before consider filing Chapter 7. Anything less, they say, is probably manageable There are a lot of myths and misunderstandings about filing for Chapter 7. One of them is that filing will clear your credit report and give you good credit again....it does not. You get a "fresh start" in that private debts will get discharged, so you do not have to pay them. But your credit score and rating will go down the tubes, and will take a while to recover. This means that you will have a very difficult time when applying for any loans in the future. So you should think long and hard before filing bankruptcy and only do it in cases of financial calamity or emergency. For more on the specific filing procedures and bankruptcy laws of your state, you may want to visit 4BankruptcyLaws.com
What are some companies that will help an organization with debt consolidation?
Debt consolidation can be very helpful in avoiding bankruptcy but can also have its own set of issues. While there are companies that help with debt consolidation it's hard to find ones that are reputable.
Has anyone dealt with a company called Square One Debt?
Square One Debt Settlement is actually one of the few debt settlment companies accredited by TASC (The Association of Settlement Companies) and their BBB rating is B-, which the BBB says still makes them a reputable company. The debt settlement industry sprang up as a result of the bankruptcy laws changing several years ago - it is now very hard to qualify for Chapter 7, which wipes out all of your debts. A good debt settlement company can settle your debts for 40% or better, while Chapter 13 bankruptcy usually requires that you pay back 40 - 60%, and is on your credit report for 7 years longer. There are a lot of unscrupulous debt settlement companies out there as this industry is in its infancy, so you have to check them out.
How hard is it to claim student loans on a chapter 7 bankruptcy?
I have been through Chapter 7 twice and both times was unable to claim my Student Loan.
Can you file a chapter 7 after a chapter 13?
Believe it or not, the ploy is called a Chapter 20! A so-called "Chapter 20" bankruptcy is the process filing of a "Chapter 7" bankruptcy to discharge unsecured debts, followed by a "Chapter 13" bankruptcy to allow the debtor to catch up on mortgage payments. The 2005 Bankruptcy Reform Act attempts to limit "Chapter 20" bankruptcies by imposing limits on the filing of successive bankruptcies. Under current bankrupcy law a Chapter 13 bankruptcy may be filed only once every two years, and three years must pass after the filing of a Chapter 7 bankruptcy before a Chapter 13 filing. Some debtors attempt to circumvent this restriction by filing for Chapter 13 protection while the Chapter 7 petition is still pending. That option is not available in all courts. In a "Chapter 20" bankruptcy, debtors should be aware that missing even one mortgage payment after filing the initial "Chapter 7" petition may cost them their ability to save their home in a subsequent "Chapter 13" filing.
How were Elizabethan plays financed?
hard labor.
How hard is it to get a mortgage after chapter 13 discharge?
If you have just filed bankruptcy, you will not be barred from ever obtaining a mortgage loan; however, you will not be able to get one immediately. When you can get a mortgage after bankruptcy will depend upon the type of loan you want, the type of bankruptcy you filed, and how good your credit is at the time you want the loan.
What are the advantages of filing for bankruptcy?
The advantages of filing for bankruptcy are different depending on which chapter bankruptcy is filed. Chapter 13 is more for home foreclosure and auto loans, it's advantages allow the person in debt to pay their debt back over a longer period of time and keep the things they have worked very hard for. Chapter 7 advantages are that the person in debt can make payments for less than a year and be debt free and most if not all of the unsecured debt owed can be dropped.
Your friend recently filed Chapter 7 bankruptcy and she has moved to another country Is it possible she is involved in bankruptcy fraud?
hard to answer only she would really be able to answer that. Depending on which country she moved to if she don't come back why file? ANSWER If she informed the people she is/was dealing with and still complies with the rules of her bankruptcy there shouldn't be any problems.
How easy is bankruptcy?
Bankruptcy is not easy. You must first make some big decisions-such as which Chapter to file under and what to include-and then there is a ton of paperwork and many, many different steps. Life after bankruptcy is also not easy. There are a great many things you will need to do in order to recover from bankruptcy.
Where can you get free chapter 7 bankruptcy information in the state of Minnesota?
Use this FREE ""Do it Yourself"" Bankruptcy Site to see filing bankruptcy is the right solution for solving your personal debt problems.Filing bankruptcy is perhaps the most difficult decision you'll ever make! I'm sure you have many questions about filing bankruptcy. Questions like, ""Am I qualified to file bankruptcy"" , ""How hard is it to file on my own bankruptcy"", ""How much does it cost"" and the most important question of all; ""Can I file my own bankruptcy without an attorney?"" Get answers to these questions and over 40 more with our in-depth FAQs. Select the bankruptcy chapters' links on the left.
Why you have to file bankruptcy?
As a general rule, you file Chapter 7 bankruptcy in a dire financial emergency, where the level of debt is overwhelming and beyond your ability to reasonably pay it off. Most Bankruptcy attorneys advise that $10,000 is the min. amount of debt that anyone should have before consider filing Chapter 7. Anything less, they say, is probably manageable There are a lot of myths and misunderstandings about filing for Chapter 7. One of them is that filing will clear your credit report and give you good credit again....it does not. You get a "fresh start" in that private debts will get discharged, so you do not have to pay them. But your credit score and rating will go down the tubes, and will take a while to recover. This means that you will have a very difficult time when applying for any loans in the future. So you should think long and hard before filing bankruptcy and only do it in cases of financial calamity or emergency. For more on the specific filing procedures and bankruptcy laws of your state, you may want to visit 4BankruptcyLaws.com
The act of turning over a company to an independent overseer while going through hard financial times is called?
it is bankruptcy. your'e welcome c;
About Bankruptcy Services?
It is possible that you are among the many that are facing financial difficulties in our uncertain economy. For those facing these difficulties it is sometimes hard to believe that there can be a way out or an end in sight. This is not the case as there are many ways to deal with financial hardship. One thing to consider is how bankruptcy services might be able to help your particular situation. There are different types of bankruptcy services available and it is important that you are aware of what is out there so that you can make an informed decision if this is the route that you choose. While bankruptcy may not be your first choice, if you are facing endless creditor calls, wage garnishment, and undue stress, this may be the way to relieve these problems. The first thing to understand is that there are two different types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 is a total liquidation of your debts. This may be the right choice if you have a large amount of unsecured debt such as medical bills, credit cards, and payday loans. You also have to make sure that your income is not too high. If your income is too high, chapter 13 may be the right option for you. This is sometimes called the wage earner's bankruptcy as you might be making enough to repay your debts if you had more time. It allows you to protect assets such as home and car and the court will lay out a payment plan that must be strictly followed. While the plan is in place, all creditor calls will be stopped. Though it is possible to file for bankruptcy yourself, it is best to have an attorney that specializes in bankruptcy services. Bankruptcy can be a complicated process and if you do not have a complete understanding of what you are doing it is possible to put your assets at unnecessary risk. Do some research and find a law firm in your area that specializes in bankruptcy and let them take care of the details so that you can get back to building your life.
If you incur a debt after you file a bankruptcy can you claim it on the next petition?
Under the new bankruptcy rules, this would be hard to impossible to do.
