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How long after filing a Chapter 7 bankruptcy that included your home will you have to wait to purchase another house?
Wiki User
∙ 16y ago
There is no legal waiting period, so theoretically you could buy a new home the day after the Chapter 7 is closed. However, every mortgage lender I have asked has said the same thing: 2 years. You could probably get one sooner than 2 years, but your interest rate might be terrible so it may be better to wait. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
Wiki User
∙ 16y ago
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Can you file bankruptcy on a debt owed to the IRS?
Yes you can file bankruptcy. Whether or not it is dischargeable is another matter. In a Chapter 13, it could be included in your repayment plan. Not sure how it works in a Ch 7.
How long after filing chapter 7 bankruptcy can you purchase a house?
Typically, mortgage companies are willing to lend to a consumer 12 months after a bankruptcy is DISCHARGED. Make sure that the disposition is recorded on all three credit bureaus. Also, follow up and make sure that all credit accounts that were included are notated as "included in bankruptcy" and cleaned up, so that they will no longer impact your credit scores. You also need to establish and pay on time positive credit. Twelve months of positive payment history on even one account will help you to get another mortgage.
Can you move to another state while in Chapter 13?
Debtors under Chapter 13 Bankruptcy can move to another state. However, they must be available for court proceedings and other legal meetings.
If you are currently under Chapter 13 and have been for about 2 years how long does it take before you can try to sell your house and purchase another one?
That's a decision that is made by the BK trustee. The participants of a chapter 13 bankruptcy must get the permission of the trustee for all major financial transactions.
How many times can you file Chapter 7 bankruptcy in a lifetime?
Under the new law taking effect on 10/17/05, you need to wait 8 years after a Chapter 7 discharge before you are eligible for another Chapter 7 discharge.
Can you file bankruptcy on a debt owed to the IRS?
Yes you can file bankruptcy. Whether or not it is dischargeable is another matter. In a Chapter 13, it could be included in your repayment plan. Not sure how it works in a Ch 7.
When can you file a chapter 7 bankruptcy if you had a chapter 7 discharged in December 2001?
The bankruptcy petitioner can file another chapter 7 8 years after the date of filing of a previous chapter 7.
How long after a chapter 7 bankruptcy can you file another chapter 7in the state of Tennessee?
Bankruptcy is Federal jurisdiction, therefore, the state has nothing to do with it. Usually, when you file bankruptcy, you cannot file for another 7 years, Period. No matter which state you live in.
How long after filing chapter 7 bankruptcy can you purchase a house?
Typically, mortgage companies are willing to lend to a consumer 12 months after a bankruptcy is DISCHARGED. Make sure that the disposition is recorded on all three credit bureaus. Also, follow up and make sure that all credit accounts that were included are notated as "included in bankruptcy" and cleaned up, so that they will no longer impact your credit scores. You also need to establish and pay on time positive credit. Twelve months of positive payment history on even one account will help you to get another mortgage.
How do I convert chapter 13 bankruptcy to chapter 7 myself What should be included in the motion to convert letter?
The debtor (or the debtor's attorney) can do this with a simple filing - usually an "Ex Parte Motion to Convert Chapter 13 to a Chapter 7." Providing the debtor's bankruptcy has not previously been converted already, the debtor/debtor attorney can do this without the permission or advance permission of either the bankruptcy judge or the Chapter 13 trustee that is managing the bankruptcy up until that point (hence, the "Ex Parte" part of the document). There are notice requirements - check with your local bankruptcy district to see who this needs to be mailed out to. Also, there is usually a small fee involved (it usually involves the debtor paying the difference in cost between a Chapter 13 and a Chapter 7 filing, but may be different - again, check with your local bankruptcy court). The debtor will be required to go through another 341 creditor's meeting with the new Chapter 7 trustee.
How soon after filing for a Chapter 7 Bankruptcy can you file another?
if your still in chapter 7 you have to get out first but you can file again check the laws in you state on chapter 7. laws has chang.
Can you move to another state while in Chapter 13?
Debtors under Chapter 13 Bankruptcy can move to another state. However, they must be available for court proceedings and other legal meetings.
If you are currently under Chapter 13 and have been for about 2 years how long does it take before you can try to sell your house and purchase another one?
That's a decision that is made by the BK trustee. The participants of a chapter 13 bankruptcy must get the permission of the trustee for all major financial transactions.
If You Filed chapter 7 in 2002 can i refile?
Under the new Bankruptcy laws you must now wait 8 years before filing another Chapter & or Total Bankruptcy as it is better know. You may be eligible to file if eligible a Chapter 13 to structure repayment to those creditors.
What is the average fee on chapter 13 bankruptcy from a lawyer?
Bankruptcy filing fees can vary from one attorney to another. Chapter 7 filing fees average $300 and Chapter 13 averages around $280. Generally more experienced lawyers may have higher rates.
Can you sell your home and buy another if you are in a chapter 13 bankruptcy?
i wouldn't sell it but instead invest in it till it adds value
Can you file chapter 7 bankruptcy if you filed in 2005 in kentucky?
If the 2005 BK was a chapter 7, then no, you would only be able to file another chpt. 7 bk in 2013.
