Not at all possible. You must have the bankruptcy discharged and wait 2 years before you will be able to get a home. In the meantime, be sure to use the new credit that you will receive wisely so that you can establish good lines of credit, which should help you to purchase a home in the future.
You can purchase a home during a Chapter 13 bankruptcy. You must have made a minimum of 12 payments and not missed any. You will also need to petition the court with a motion to incur more debt.
I am a Mortgage Loan Consultant and I have made it my area of expertise in working with people with bankruptcies, bad credit, and foreclosures. Firstly you do NOT have to wait 2 years to refinance after a chapter 7 discharge, those are for fannie Mae loans. You can refinance a chapter 7 a day after discharge. A chapter 13 can also be refinanced before discharge since it's on a payment plan for 3-5 years from filing date. You can get a chapter 13 refinance as little as 6 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home. There are major differences between a chapter 13 and chapter 7 refinance but that is for your mortgage broker to be aware of.
I must disagree with the first answer on this page. I am currently in year 3 1/2 of a 5 year bankruptcy.On July 26th 2005 just 2 weeks ago, I closed on my new home.I had an Excellent lender who did a great job and I got a decent interest rate.I am now looking to get an improvement loan,which is the hardest part now.
I say to those who are in a same situation,not to let anyone tell you that it cannot be done as I am proof that it can be. If I would have listened to all those who told me that it was not possible, I would not be enjoying my beautiful country home on a half acre, tucked away from the big city.
Not likely. They can come to collect if you have a balance but sue you why?
Bankruptcy filing does not stop a car repossession. The contract you entered into most likely gives the lender the right to reclaim possession of the vehicle if you default on the terms. Depending on the bankruptcy chapter (7 or 13), you may either a) Have to pay the deficit over time, chapter 13 or b) have the deficit forgiven, chapter 7. The deficit is the difference between what you owe (+ repossession and disposition fees) on the vehicle and what it brought at auction. The lender is required to get maximum value for the car at sale. Genrally, courts have held that wholesale value satisfies this requirement. Therefore, the deficit is likely to be quite large.
It depends on how the home purchase will impact your creditors. If you you payment will be doing up, then you will have less money paid to your creditors under the Chapter 13 plan. On the other hand, you might get approval if the purchase won't lower the amount of money creditors would receive under the plan.
When someone files for bankruptcy, they are protected and their possession will likely not be repossessed. However, if they are, subject to repossession you would have to talk to a lawyer in order to keep the car.
Most likely.
Most likely. They are two separate issues.AnswerYes. It will show that you no longer owe the debt, as well. AnswerIt MAY show up, however, if the debt for the vehicle was discharged in bankruptcy, it cannot be reported. There can be no negative reporting on a discharged debt - not even for a voluntary repo. If the vehicle was surrendered as part of the bankruptcy, the loan should show as a ZERO balance, no past dues, and 'included in bankruptcy' on your credit report.
One will have to prove to the CB that one wasnt responsible. It will likely involve paying an attorney. Good Luck.
It is likely to happen.
If you are lucky, yes. But most likely, no lender will give you a mortgage loan if you are or have declared bankruptcy.
Your car will likely be repossessed if you did not sign a reaffirmation agreement. If it was included in the bankruptcy, but just not reaffirmed, however, a judgment can not be placed against you for past due amounts or any balance owed. They can, though, slap you with a repossession on your credit record.
You haven't said where this is. -That would very likely come under the bankruptcy laws of your province or state.
Generally it depends on the type of BK when or if it has been discharged, the amount of the refund, and if it is a federal or state bankruptcy filing. As a rule at least a portion of the refund will be taken by the trustee, more likely the entire amount is subject to relinquishment.