How soon after Chapter 7 bankruptcy can you buy a new house?
Below are the perspectives of some Wiki s contributors about buying a house after bankruptcy:
- First, any bankruptcy must be "discharged" by the court. You also cannot be in any "Credit Counseling" or other programs that take over your finances. It is actually easier to buy a house than a used car. The "lender" is looking to meet several criteria. Debt to Income ratio, Stability and time on the job. Money in the Bank and bounced check history.Any Retirement or 401 K assets. In America money solves all problems. A big down payment means business.
- I am a Mortgage Lender and with a 15% down-payment plus closing costs, you can almost always find mortgage financing 1 day after the bankruptcy is discharged and filed at the courthouse.
- Many times if you have a home already and enough equity you can refinance right out of bankruptcy altogether, or refinance out of filing. You will need a broker who is willing to do a lot of work for you and a Bank is not the place to go for you until you have rebuilt your credit rating.
- I have spoken to several mortgage lenders, and almost all of the lenders agree that two years is the amount of time after your bankruptcy discharge that it takes to be able to get a decent mortgage. Granted, you may be able to get a mortgage sooner, but your terms (i.e. interest rate, etc.) will not be as attractive as it would be if you can wait 2 years. Considering that you'll be paying that interest for up to 30 years, it definitely saves you a lot of money if you can wait long enough after the discharge to get a good interest rate. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
- 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 12 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home. Depending on your income, credit score, and trustee rating (if in a chp 13), you can qualify for upwards of 100% financing. There are major differences between a chapter 13 and chapter 7 refinance but that is for your mortgage broker to be aware of.
- It is not a question of time. If you qualify, you could buy a house the day after your discharge. If you qualify by having a large down payment, you may find yourself trying to explain to the bankruptcy judge where you got a 15% down payment (around $30,000 for the average house) when your Chapter 7 documents showed a lot less. Beware of mortgage lenders. There are still unreconstructed scam artists out there who will take your money and give you nothing but grief. There are some special programs for first time home buyers, but those usually require a history of good credit, a steady job and often some money in savings. Again, unlikely in a near post-Chapter 7 period. Pay your bills on time, save some money, keep the same job for a while. The more down-payment you can make, the better your chances - as long as you were not hiding assets in the Chapter 7.
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That depends on how high an interest rate you are willing to pay. How much cash you can put down, issues of that nature. The general rule 18-24 months after your bankruptcy has been discharged. Some lenders will see you as a better risk, because you will be more or less "debt free." There are many …B/C Lenders and brokers with 80/20 programs (no monet down) the day you are discharged. Provided you still have a couple accounts that remained paid on time throughout the couple of months since you filed. Most people hold on to their cars or whatever. Also, having a perfect mortgage and rent history before, during and after Chapter 7 will add wonders to your overall picture. Because of the dramatic and recent changes in the Bankruptcy Law nationally there will be many approaching the gates with substantially better credit than most would expect. Ironically, there are many federal loans (FNMA, Freddie-Mac even 203K and of course FHA that don't even use credit scores) that will suffice and include your utilities as a credit line as long as you've got 12 months of solid, healthy payments. ans You probably mean can you get a mortgage. That is at every lenders discretion. New mortgage, new debt, an obligation to pay as agreed? Well, real tough - not impossible and certainly may depend on your downpayment. Especially with the concerns over subprime lending in todays market (which you by being in BK more than likely would be under most any view). You would have to expect that you would pay a very high interest rate, likely making it something even people with stronger financials wouldn't consider. if you filed C 13 make sure you discuss anything your doing with the BK trustee. Entering into a refinance or any financial contract without his explicit approval will end BK protection, and is sometimes prosecuted as fraud. Certainly, if it means you would have less disposable income to use toward your outstanding debt, he would have rightful objections. And consider....your in BK, presumably because you have more debt than you can pay, and you haven't been able to handle finances very well.....you cannot borrow you way out of debt, but even after clearing that in BK, you can sure find yourself in it again. YOU can get a loan the day after BK and even when in BK if you put enough cash down but you can't get this type of loan via banks; onlyl through private lenders. ( Full Answer )
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 cl…eaned 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. ( Full Answer )
One can normally sell a house as soon as they want after the Order of No Asset is issued by the Court, but most people wait until after the Discharge is entered and the case is closed to be safe. One word of caution though: I had a potential client come in to my office once (a couple of years ago) a…nd he had filed a Chapter 7 with another attorney, and the case successfully received Discharge. Then, 2 years later, he sold a house that he had owned during his bankruptcy. Apparently he had indicated in his bankruptcy petition that the house was worth $100,000.00 or so, then he sold it 2 years later for $250,000.00. Somehow the trustee of his bankruptcy case got wind of this sale and reopened the case and filed an Adversary Proceeding against the guy, alleging that he misrepresented the value of the home during his bankruptcy case. So, I would say it is wise to be sure the home's value was accurately reflected in the bankruptcy schedules prior to selling the home! Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. ( Full Answer )
The Short Answer is 3 years before you can obtain an FHA insured mortgage and 5 years before you can obtain a "conforming" mortgage. Conforming simply meaning that it conforms to Fannie Mae guidelines. These time constraints are dictated by the FORECLOSURE not the Bankruptcy. Guidelines for Bankrup…tcy will allow you to obtain an FHA-insured mortgage in as little as 12 months from FILING with Chapter 13 and 24 Months after discharge with Chapter 7. The Chapter 13 can still be OPEN but you must get the courts permission to enter into the transaction. The key to your scenario will be the loan size you need. FHA has loan limits set by County. Below is the "long answer" Previous Mortgage Foreclosure. A borrower whose previous principal residence or other real property was foreclosed or has given a deed-in-lieu of foreclosure within the previous three years is generally not eligible for a new FHA-insured mortgage . However, if the foreclosure was the result of documented extenuating circumstances that were beyond the control of the borrower and the borrower has re-established good credit since the foreclosure, the lender may grant an exception to the three-year requirement. Extenuating circumstances include serious illness or death of a wage earner, but do not include the inability to sell the house because of a job transfer or relocation to another area. Bankruptcy . A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. Additionally, the borrower must have re-established good credit or chosen not to incur new credit obligations. The borrower also must have demonstrated a documented ability to responsibly manage his or her financial affairs. An elapsed period of less than two years, but not less than 12 months, may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his or her control and has since exhibited a documented ability to manage his or her financial affairs in a responsible manner. Additionally, the lender must document that the borrower's current situation indicates that the events that led to the bankruptcy are not likely to recur. A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower's payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive permission from the court to enter into the mortgage transaction. ( Full Answer )
If a parent wants to sell you their home cheap but you are going to a Chapter 7 hearing soon can you buy the house or how long do you have to wait?
Answer . You must wait until your Chapter 7 is discharged before entering into any financial obligation such as a loan, land contract or purchase agreement. This also includes the purchase of vehicles and merchandise.
Yes, you can buy a house while in a chapter 13, you can buy anything you want but You need the courts permision. The most difficult part is finding a lender who understands that you can not add post filing credit to your bankruptcy. Most creditors believe that you can and won't give you the time of …day let alone credit.Yes. However, there are programs available for you that do not require your CH.13 Bk to be discharged. Most of them only require you to have 24 months since bk filing date and a good payment history on your bk and any other reestablished credit. All major financial transactions entered into by chapter 13 participants must be approved by the trustee in charge of the bankruptcy. ( Full Answer )
Answer . \nYes, 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 t…here has to be some equity in the property. ( Full Answer )
Answer . All major financial transactions such as selling or refinancing property must be cleared by the trustee in charge of the chapter 13 bankruptcy. Failure to follow prescribed procedures can result in the dismissal of the BK and perhaps other penalties.
Answer . \nThe chapter 13 petitioner/participant must receive the approval of the bankruptcy trustee for all major financial transactions..
What can you do if you just recently had a chapter 7 bankruptcy then soon after had your car repossessed?
Answer . Usually a car you are still driving cannot be included in a chapter 7 unless it is turned back into the finance company because it is considered an asset that, if sold, could help pay off your other debts. If you do not include it in the bankruptcy, you are under the same obligation to …make payments and if you don't then the car gets repo'd. If you file for bankruptcy the first thing I would do is talk to your lawyer about the options open to you if you want to keep your car. ( Full Answer )
My friend's dad bought one after 3 years. There is not a specific time limit for being eligible for a mortgage or other credit. Most lenders prefer the consumer to have at least 12 months of responsible credit history.
Answer . \nif 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.
Answer . \ncant you sign it over to someone you trust like a wife , husband etc.... so it cant be taken
There is no real limit as to when you can begin considering buying a home after a bankruptcy, though it is much more favorable to wait at least two years, while you build your credit back up. Chapter 13 bankruptcy can remain on your credit report for up to ten years from the date it was filed. Ho…wever, filing for bankruptcy can actually be somewhat beneficial for rebuilding credit. As bankruptcy eliminates all or most of your debts, your debt to income ratio improves. This means that more creditors will be willing to extend credit offers to you, which will allow you to begin the rebuilding process. Most credit obtained after a bankruptcy will most likely have high interest rates, but if you obtain credit that you can afford to repay, you will begin to see a definite improvement in your credit score. It is possible to begin the home purchasing process in as few as 18-24 months after filing bankruptcy. To start, you cannot be currently in a bankruptcy proceeding, your case must be decided. To begin the rebuilding process, check your credit report. Make sure that everything that is supposed to be included in the bankruptcy is included. After you've corrected any errors that may be on your credit report, it's time to start rebuilding your credit. Secured credit cards and installment loans are good ways to show creditors that you can again be trusted to pay back money that you owe before trying to jump right into a mortgage payment. When you are again able to qualify for a home loan, it might come with high interest rates. Don't panic. Try to make a larger down payment to keep the loan smaller, and make sure there are no prepayment penalties. This will offer you the possibility of refinancing at a lower interest rate as your credit improves. ( Full Answer )
The day you get your discharge paper. I do caution against that because ANY bad mark after a bankruptcy is taboo and you will not be able to finance anything for a long time.
The day you get your discharge paper. I do caution against that because ANY bad mark after a bankruptcy is taboo and you will not be able to finance anything for a long time.
answer to your question is about five years. Ans . This and many similar questions have been asked and fully discused several times before. Please refer to them.. Nothing prevents you from buying a house. Getting a loan may be a different story. That is a choice each lender makes, and certainly h…ow much your down payment is, the quality and security of your job, amount of income for the debt, etc., all come in to play...as they do for anyone. Your ability/credability based on your past, not your desire or need.. In todays (2007) mortgage market...getting a mortgage is getting much more difficult for anyone. Someone with a history of bankruptcy, even more so. The general rule of thumb is that it will be at least 7 years until lenders will not consider the bankruptcy. ( Full Answer )
The day you are discharged you can buy a car. You need to takeproof that you are discharged.
Please try and use/follow the system here ...you get the result quicker too...this has been asked and answered here at least 100 times: . Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy m…ore 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. ( Full Answer )
Buy something? Sure...pay cash though. (One would have hoped that by now you would have learned you don't really buy something until you pay for it). I don't believe there is any legal or business problem with you having any asset. Getting a mortgage, especially in the world of todays crack down …on sub prime lending, will be almost impossible. certainly very expensive if you can....which is to say more than people who have a record of actually affording what they buy, and maintaining their agreements, would think is possible to pay. So, buying assets is fine, but it's getting debt (as ignored in your question) you'll have a problem with. ( Full Answer )
If a motion was not filed in a chapter 7 bankruptcy but the debt was charged off can the judgment be transferred when buying new property?
Bankrutpcy doesn't erase debt. It just renders it nonrecourse as to the debtor. I'm not sure what motion you are referring to, but the judgment should not attach to new property acquired.
If one spouse recently had a Chapter 7 bankruptcy discharged and the other has a credit score of almost 750 will the couple be able to buy a house?
You can buy anything you want.. Getting someone to give you a loan is another story. If your expecting to use the BK persons income to qualify, or have him on the title...it's going to be very, very difficult.
It depends. If the house is surrendered and the mortgage debt discharged, you may be required to move out fairly soon. With the lag in scheduling auctions, you may wind up being able to stay for a year or longer. Some mortgage holders will require rent to be paid. Check with a local bankruptcy …lawyer. ( Full Answer )
First...you probably mean get a loan to buy a house. Part of the BK processs is to start to understand that it isn't yours if you don't pay for it. Your a bankrupt...it will be a fairly long time until you can get credit again, and in todays credit environment....a mortgage won't be possible until …you prove yourself credit worthy for several years with other smaller things. More importantly, read the documents you swore under oath to abide by with the court, when pleading with them to provide you protection under the BK laws: You agreed you will not make any new debts, change any financial things much, etc without the approval of your case administrator first. Doing so will have your case dropped and very possibly contempt charges brough by the court. IT IS YOUR SOLEMN SWORN PROMISE AND TESTIMONY to the court....hopefully it means more than those same promises you gave previously to those who you borrowed money from. . Actually, you can qualify for an FHA mortgage after 12 monthly payments to the Chapter 13 bankruptcy trustee. You must, of course, get the permission of your trustee to incur debt. ( Full Answer )
I had a house for 8 years and the when my husband got sick, I was the sole person paying the bills by my self. I was on chapter 13 at first to pay the bills right by paying each pay period. But the end of the 5 years i was not caught up with the bills. So i went to chapter 7. I was out of so much mo…ney in chapter 13. But i never missed a payment. I was all ways on time. My questions is I am renting a house right now, and I pay 875.00 a month. The rental will be up in November of this year. Can I buy another house after all of this? ( Full Answer )
If a house is your primary residence then, in most cases, you should be able to keep it. This is because assets necessary to basic survival like a house, food, clothes, and thing necessary to your job such as tools, are protected. These are called exemptions, but they differ from state to state and …case to case. Sorry I cannot give a more specific answer because I do not know all the details about your case, but talk to a local bankruptcy attorney. ( Full Answer )
If you had an FHA insured home, you will have to wait for three years after the mortgage company claimed their refund.
If you buy a used car with cash before filing a chapter 7 bankruptcy, How long do you need in between purchase and filing to keep the vehicle if the vehicle meets exemption in a state?
Some institutions require 2 years, while others require 3 years from the discharge date. Some local banks and credit unions have created special programs allowing only 12 months if certain criteria is met, but often the credit requirements make nearly all applicants with a recent BK ineligible.
You are typically off the market for about 3-4 years. At that point some mortgage companies will begin to look at your overall credit situation again, but you will have to show much credit growth and responsibility.
You can make steps to help your credit even before you file! And certainly, each and every action afterward is vital. How long it will take to get to where you have some level of actually functional credit depends...along with, credit depends not only on your history of paying exactly as agreed, of… soing so showing some financial and business wisdom (meaning not even getting involved with very expensive and dumb credit provided to fools and the otherwise NOT credit worthy), but also your current financial status - your income level, expenses (not just credit expenses), etc., etc. ( Full Answer )
Yes, you can buy a house for cash after filing for bankruptcy. The only issue is as to where those funds came from. If they were part of your estate at the time of filing and not disclosed, then you will have a problem.
You can make new purchases and create new debt as soon as the day of the discharge of your bankruptcy action. However, if the cash your using was not disclosed in your bankruptcy, or was temporarily diverted to a friend or family member to avoid disclosure, then you may face federal problems if disc…overed. If you are using disclosed cash, or new assets you obtained after your bankrupcy you would not have any problems. However, if your looking for a mortgage for this new house, willingness of a financial institute to provide you with new debts or loans will vary depending on how this effected your credit and other factors. Prior to the problems in the mortgage lending industry it would have been possible, however today it is much harder since there really are no sub-prime banks anymore. I would say it may take a few years and diligent personal financial and credit management. ( Full Answer )
Not many companies, but there are a few lease or rent to own - legitimate companies - that will rent to recently discharged bankrupt or people that have taken out "proposals" with less than stellar credit ratings - that will rent you a home for 3 - 5 years and then pledge a percentage of the rent to…wards a down-payment into buying the property at the appraised value when you began renting the property. In Canada Dominion Lending Centres can help people get connected - but so can most Non-Profit Family Credit Counselling centres as well. It's time to let your mouse do the investigation and your time and patience. If you are unsure of a contract find a real estate lawyer - or contact their regulatory board for interpretation of the contract before you sigh and give them your hard earned - after tax - cash. ( Full Answer )
Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included.
This question is slightly more complicated than one may think. The answer depends on many things involved in both the bankruptcy and short-sale. Currently most lenders consider a short-sale the same way they consider a foreclosure, so you're stuck waiting 3, 4, or even 7 years before you can buy aga…in. That being said, the FHA will allow you to buy a home again with no waiting period if you were able to short-sale your home without ever falling 30-day+ behind on your mortgage payments. That being said, we all know that many mortgage companies won't even entertain a short-sale unless you fall 60, 90, or 120 days behind on your payments. In the off-chance that you were able to successfully short-sale your home without ever falling behind on the payments, then we can go on to the bankruptcy portion of your question. Bankruptcies are treated differently depending if they are a chapter 7, chapter 13, or less commonly a chapter 11. A chapter 7 BK is a liquidation of debts with no payback. A chapter 13 allows you to roll-in the arrearages you owe on the mortgage, and get back on track but requires a payback period for all or a portion of the debt. This is naturally the option people choose when looking to file bankruptcy and save their home. The guidelines about getting a new loan after bankruptcy, again, vary depending on the lender and the loan program... but generally you're stuck waiting 2, 3, or 4 years from the DISCHARGE date of the bankruptcy. This of course assumes that by that time your credit has rebuilt enough to qualify (must be a 620 or 640 with most lenders nowadays). Lastly, if you haven't had a flawless payment history on the debts on your credit report since bankruptcy, it is very unlikely that a lender will entertain a home purchase for you regardless of your actual credit score. ( Full Answer )
Immediately provided you are not married currently or divorce is final if there is a first wife. BK does not relate to marriage in any way.
Because of the "automatic stay", which goes into affect as soon as a Bankruptcy is filed, your car cannot be re-possessed while the Bankruptcy is in progress (unless the creditor files a motion with the court asking for relief from the automatic stay). However, as soon as the Bankruptcy is discharge…d or closed - which occurs approximately 6 months after it is filed - the car can be re-possessed. ( Full Answer )
IT usally depends on the size of your business,and the laws you broke to actually get bancrupt.I hope I hope I have succesfully captured your question.If it is a small businnes it will only take1 to two years,but if it is a big bussines then it will take two to three years. ans This question… has been asked and answered here maybe a thousand times before, but perhaps the system here is beyond your ability, or is it you expect the answer for you is special? Your presenting yourself as not even financially informed (or maybe just basically) enough to even be able to ask what you really mean. OK one more time: After bankruptcy you can buy anything you want. Just like before bankruptcy. And likewise before or after - you have to pay for it. (I suspect that payment idea is something your not understanding. See there really isn't any other reason for bankruptcy than because you couldn't pay for what you said you would. No, there weren't conditions on the paying for taking - like if you could, if things went the way you wanted, if you still wanted what you took....you promise to pay....and were supposed to consider how you would - even if things you didn't expect actually did happen...YOU WERE TO ANTICIPATE, or you do without...or you would become a bankrupt, similar to a liar really (not adhering to what you promised you would do) and even then force others to pay for you. At any time, before or after bankruptcy, you can get a loan from whomever wants to give you one (there is no law against you borrowing or someone lending). Getting a loan, going in debt, is NOT buying...it is the opposite....it is not owning something - it is owing something. You NEVER have the right to have someone else lend you money. Just like someone else can't just take what you have to get what they want. That is always the right to decide of the one with whatever it is being asked to be borrowed by someone promising to return it. When someone will lend you money, and how much, after bankruptcy, (which remains on your credit report for 10 years at least), depends on what they determine, given information like how much you want to borrow, for what, how much you make and how reasonable it is you will continue to make it (to pay them back), how many other expenses you have (and may chose to pay before them), how you present yourself (including things like how well you seem prepared for the unexpected), how much profit is in it for them, etc. That's all. I think that basically calling someone stupid is not what this site is about. It appears in the question that they aren't just asking about bankruptcy but the foreclosure also. They wanted to know if there were other stipulations when a foreclosure accompanies a bankruptcy. ( Full Answer )
You have deliberately perpetrated a fraud on the court and creditors and may face federal prison time if convicted.
yes go on autodealer u get Â£100 cars = ans = No. You are a bankrupt. You are reprehensible and irresponsible. You did not pay your prior debts and promises. You are, essentially a piece of crap. You have sworn to the world, in writing as you BEGGED the Court to absolve you of your… prior promises to pay, that you have n o ability to do so,. How would you now? See all those banks, all those companies ALL THOSE PEOPLE who lost so much, (jobs, savings, life), because fools like you don't pay..... Because you are a liar an idiot and scum? That seem right? You want more? After your done screwing everone else..screw yourself and I hope you get some nice fatal thing from it......NOT a new vehicle. You understand? PAY your debts...don't make new ones. ( Full Answer )
I think chapter 7 bankruptcy at least take 5 to 6 years to clear the bankruptcy so its automatically remain on your name for those years.You will get your property only after this case is complete.
Why should you get the title? If the debt is secured by the condo or house, you cannot get a discharge of that debt unless you surrender the asset in the chapter 7.
No. When you file bankrutpcy you are making a declaration about your financial situation. If you were to put in an actual application for financing a home the problem would be finding a lender willing to touch it. You would be a bad financial risk to any type of lender at this time. Once you are dis…charged it will take several years for a lender to take a chance on you. You could try owner financing soon after discharge, someone might be willing to take a chance on you if everything else is strong. Job, income etc. ( Full Answer )
Assuming you mean the VA (Veterans Administration), you have to wait 2 years, and you must show you are now managing your expenses to be able to afford paying a mortgage.
Maybe, it depends on whether or not the debt is secured and the secured amount. If you own it free and clear, and is very valuable, it will be seized and sold by the trustee. If there is a secured creditor, but the claim is small and the car value is great, it can still be seized, with the secured c…reditor paid off, you receiving the exempt amount, and the remainder to pay off creditors. ( Full Answer )
How soon can a house foreclose and a car repossessed when converting your chapter 13 to a chapter 7?
Conversion from a 13 to a 7 does not lift the automatic stay, so no foreclosure or repossession can occur just because of the conversion. The mortgagee and the car lender have to file motions to remove the automatic stay if they want to move on the foreclosure and repo. The debtor should have filed …a Statement of Intention with regard to those debts, and if the debtor's intent is to surrender the collateral - which is a good idea, since otherwise the debt might survive the Chapter 7 - then the timing is somewhat in the debtor's hands. The debtor should have an attorney and should work with him/her to wrap things up. ( Full Answer )
If the chapter 7 is still open, you cannot buy a house. If you have received your discharge and the case is closed (usually 6 months from the filing date), you should not have the cash to buy a house unless you lied on your bankruptcy documents about your assets. That can lead you to prison. If you… win a lottery or get a big inheritance within 6 months after the case is closed, you have to report it to the trustee. Your case will be reopened and the money will have to go to the bankruptcy estate to be distributed by the trustee. If you have been able to pay all your new bills as they come due and put some money into a savings account for three or four years, you can start looking for a house and a mortgage lender, but if you do not have enough savings to make a substantial down payment, you will not find a lender willing to lend you money for a mortgage. You may find a better reception if you have your accounts in a local credit union and ask them about qualifying for a mortgage. ( Full Answer )
you simple go to the first page or look around the page your on and get the 1800,678,770, or 404# you see on that page and then your good. (please ask more questions ill be glad to anwser!)
Probably there are much more chance that you will be loosingyour house and vehicle by converting from chapter 13 to chapter 7bankruptcy. There is a $25 conversion fee that has to be paid tothe court. Depending upon the status of your chapter 13 case.