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Can FHA turn you down for a new home purchase due to Home being surrender under a less than 2 year Chapter 7 bankruptcy?
Wiki User
∙ 15y ago
First FHA doesn't make loans...it guarantees them to the lender. Your credit history is relevant to the underwritting of the loan to the lender.
Wiki User
∙ 15y ago
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Can you file a chapter 7 bankruptcy and a chapter 13 bankruptcy?
not at the same time, and you'll have to wait a certain period of time after being dismissed/discharged from one before filing the other.
What monies do you have to surrender in a chapter 13 bankruptcy?
It is not necessarily surrendering monies as it is being placed on a very disciplined payment plan to repay the debts you have incurred over the years. Chapter 13 bankruptcy is a structured repayment plan, and involves a debtor paying off as much of his or her debt as possible over a 3-5 year period. An individual's debts are not discharged under Chapter 13 bankruptcy, but rather, the individual may lower his debt payments to affordable levels. He will then have a certain period of time to pay off his debt. The plan for getting out of debt is formalized and approved by the bankruptcy court.
Could you change your chapter 7 to chapter 13 after being discharged?
Sometimes Chapter 13 debtors need or want to convert their bankruptcy case from a Chapter 13 to a Chapter 7 bankruptcy. And sometimes the bankruptcy court will force you to convert from Chapter 13 to Chapter 7 - this is often called a "forced conversion." The reasons for conversions vary. For the most part, if you are instigating the conversion, you have a right to convert your case. But that doesn't always mean you'll qualify for Chapter 7 relief.
What is meant by Chapter 14 bankruptcy?
Chapter 14 bankruptcy is quite new in the bankruptcy world, it provides companies the option to help themselves rather than being bailed out. This type of help could not only get the business back on it's feet but also keep employees working.
How should an obligation that is discharged in a Chapter 7 Bankruptcy be reflected in a subsequent credit report?
The debt should be identified as being in bankruptcy or discharged in bankruptcy. It will remain on the list for 7 years. The bankruptcy will remain on the report for 10 years.
How long does it take for the accounts to come off your credit report after being discharged from bankruptcy chapter seven?
Never
What is chapter 7 bankruptcy liquidation?
A Chapter 7 bankruptcy is a "straight bankruptcy" where the assets are liquidated. This differs from Chapter 11 and Chapter 13 bankruptcies, where the company is reorganized. For more information see the related link.
What does the Bankruptcy Chapter 11 state?
Chapter 11 bankruptcy is for corporation entities or partnerships, including home businesses and small business owners. Chapter 11 allows one to make a debt re-organization plan designed to keep a business operational while debts are being repaid.
Necessary to file a claim in chapter 7 bankruptcy?
If you want to have any chance of being paid any portion of what your owed.
How can you get your chapter 7 bankruptcy off your credit report?
It should rotate off of your credit report about 7 years after being discharged. It cannot be removed.
What are the laws relating to bankruptcy in Texas?
The laws relating to bankruptcy in Texas are Chapter 7 and Chapter 13. Chapter 7 will completely relieve one of all major debt and allow for one to keep their house and one car. Chapter 13 is better if one fits into and has a steady income as it gives one the breathing room need to help one get out of debt without being completely over taken by their debt.
How long do you have to wait to file a Chapter 13 after being discharged from Chapter 7 in Kentucky?
Bankruptcy is Federal matter. Your State is of no consequence. Under the new bankruptcy law taking effect on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
