You need your Bankruptcy Chapter 7 to be discharged first before getting a loan to buy a house. Most lenders require two to four years of re-established credit before they will consider making you a loan. However, many lending sources are competing today to make loans to borrowers with less-than-perfect credit even if you have had your Chpter 7 discharged less than two years ago. You may need to put down a sizable down payment,and have sufficient income to qualify howevevr. there are some mortgage lenders that will allow one day out of bankruptcy with 100% financing
Talk to the lender, or you can file Chapter 13 Bankruptcy to lower the payments where you can afford them.
The best time to purchase a new home after filing for Chapter 13 bankruptcy depends on how long your bankruptcy will be. If you have your payments on a five year plan, then you may have to wait a little longer.
Yes, it is possible but there are circumstances. Time is a big factor, that is how much time has passed since the chapter 7 was discharge? I know of lenders who will provide loans just one day out of bankruptcy. But a fairly decent credit score has to be there and if its a refinance there has to be some equity in the property.
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
When participating in a Chapter 13 bankruptcy, all major financial transactions must be approved by the bankruptcy trustee. One of the factors the trustee will take into consideration is if the transaction is necessary. For instance the purchase of a vehicle for transportation to a place of employment would probably be allowed. The purchasing of a home might not qualify as a neccessity unless it was an issue of health/safety.
Yes
Talk to the lender, or you can file Chapter 13 Bankruptcy to lower the payments where you can afford them.
Yes, with bankruptcy court approval.
If you filed a Chapter 7 bankruptcy and buy a car before the discharge is issued, there's no impact on your case. If you're in Chapter 13, however, your disposable income post-filing until discharge may be considered property of the estate; in addition, if you're financing the new car then you likely need to have the court's permission before entering into the financing agreement.
It is possible for the married couple to file a chapter 13 or in some instances a chapter 11.
You can't "exempt" anything.
If it is chapter 7 and has not been discharged then, no. If it is a chapter 13 then the bankruptcy filer would need the permissin of the trustee to make any major financial transactions.
It will only become an issue if you apply for joint credit such as a mortgage, vehicle financing, and so forth.
The best time to purchase a new home after filing for Chapter 13 bankruptcy depends on how long your bankruptcy will be. If you have your payments on a five year plan, then you may have to wait a little longer.
Yes.
Yes, it is possible but there are circumstances. Time is a big factor, that is how much time has passed since the chapter 7 was discharge? I know of lenders who will provide loans just one day out of bankruptcy. But a fairly decent credit score has to be there and if its a refinance there has to be some equity in the property.
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.