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.
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.
It used to be with a chapter 7, that you could go out as soon as your bankruptcy was discharged and get credit. In fact, you'd get credit card offers all the time. Not so much now with the economy the way it is. You should still be able to find some sub-prime auto financing, but be prepared to pay high interest rates for a while.
PROBABLY if one is in a Chapter 13 and that debtor converts to Chapter 7, that debtor can re-file another Chapter 13 immediately after the Chapter 7 discharge. I say "probably" rather than "yes" for a few reasons: (1) There is no Bankruptcy Code section that prevents immediate filing of a Chapter 13 after a Chapter 7, but a creditor could object to the new Chapter 13 and argue that the debtor is abusing the Bankruptcy Code, an argument the Court may or may not be swayed by based on the circumstances of the case; (2) If a debtor voluntarily dismisses a Chapter 13 once a Motion for Relief from Stay has been filed in the Chapter 13 case, that debtor is automatically barred from re-filing another Chapter 13 for 180 days (see 11 U.S.C. 109(g)(2)). So, a creditor may argue that conversion to Chapter 7 is akin to voluntary dismissal and so the debtor should be barred from filing another Chapter 13 for 180 days if a Motion for Relief was filed in the prior Chapter 13 case (and I have no idea if such an argument would work for the creditor); and (3) Different districts may have different case law affecting the answer to this question, so it's probably best to consult a lawyer in your area. 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.
one year.
According to some commercial VA loan companies, you have to wait for 2 years after your discharge to start the process. As soon as you can find a willing lender/bank/mortgage company after that time. You will have to improve your credit, which may take a few years.
As soon as your discharged
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.
How soon after filing Chapter 7 Bankruptcy, can you file either Chapter 13 or Chapter 7 Banruptcy again?
If you are facing some serious financial issues, you may consider filing for chapter 13 bankruptcy protection. If you do file keep in mind that there is no limit to the amount of times you can refile for the same protection.
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.
YES, its called an AUTOMATIC STAY. ALL collection efforts must stop as soon as they are notified of your filing.
Within days after your discharge. You will have to find one of those dealers that arrange financing, and you will pay a high interest, but it can be done. You cannot do it after filing but before discharge, except in a chapter 13, with permission of the court.
You could probably get a loan somewhere the same day, but the interest rate you will pay will be extremely high.
There is no specific waiting period. You can purchase a home as soon as you reestablish your credit to the satisfaction of any proposed lender.
The dismissal should be entered and the case dismissed within a few days of the time that you or your attorney submit it for filing with the bankruptcy court.
It is very important that the BK participants contact the bankruptcy trustee as soon as possible when they experience changes that directly affect the filing status.
You can buy as soon as you can afford it. If you expect to get a loan to do so, you may have trouble finding a loan company to do it.