No and yes. NO if you re-establish your cedit after 2 years. Usually with 3 more credit lines, with at least 12 months excellent payment history and i credit line over $3000. This will generally increase your credit to the mid 650's.. from experience. YES if you continue to make the same poor credit choice. So be careful and please do establish new credit but very wisely.
Generally, it means a bankruptcy prepared by an attorney who also represents you in the 341 meeting required by the bankruptcy law. In a Chapter 7, it usually does not include representation in motions for relief from stay, objections to discharge and other possible responses to the bankruptcy. Chapter 13s usually require more services, and cost a lot more.
As there are different chapters of bankruptcy, a bankruptcy attorney may be more familiar in handling certain chapters. These chapters include Chapter 7, Chapter 11, and Chapter 13. There attorneys that can advise you which chapter to file for and then help in handling the entire process, while others simply consult without providing execution. It is best to contact attorneys directly, to find out what services they provide.
In order to be able to file for bankruptcy you must be able to meet certain qualifications. These qualifications differ from chapter to chapter and whether the filing is for a business or for an individual. The qualifications include the type of debts and the monetary amount of the debt. The article below lists the various qualifications for each type of bankruptcy.
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 Bankruptcy 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.
If your home loan is included in your bankruptcy, the code describing your repayment behavior on your credit report for this loan will change. If the bank forecloses on your home, the code describing your repayment behavior on your credit report for this loan will change. The loan will have one coded description of your repayment behavior. Credit Agencies only care about your repayment habits, not which mechanism cost you your home. There is no separate report. Your credit is going to be BAD for many years. Whether the house was part of the bankruptcy or whether it was taken in a foreclosure action will not matter (it's not like one is better than the other).
Bankruptcy is not easy. You must first make some big decisions-such as which Chapter to file under and what to include-and then there is a ton of paperwork and many, many different steps. Life after bankruptcy is also not easy. There are a great many things you will need to do in order to recover from bankruptcy.
Filing Chapter 13 bankruptcy will stop a foreclosure as soon as the papers are filed with the bankruptcy court. The automatic stay goes into effect immediately upon filing, and will stay in effect as long as the issue is in the legal system. There is no one perfect time for filing Chapter 13 bankruptcy, and the longer homeowners wait to file, the more it will cost them to get out of bankruptcy and the more likely they will be to fail the repayment plan and have the case dismissed. Most homeowners wait to try several different methods to stop foreclosure before relying on bankruptcy. Refinancing or working with the lender for a mortgage modification or forbearance agreement may be easier and result in less damage to the homeowners' credit histories. In fact, bankruptcy is often recommended and used as a last option to stop a sheriff sale or put the process on hold due to the imminent loss of the house. However, with the new bankruptcy rules that went into effect in 2005, homeowners should prepare for the possibility of having to file as an emergency, even if they never actually need to file. The new rules now require bankruptcy counseling as a prerequisite for beginning the court process at all, so homeowners will not simply be able to file bankruptcy as a last ditch effort a few hours before their home is auctioned -- they need to file proof of completing the counseling with their bankruptcy petition. As soon as homeowners become aware of a financial hardship that will cause them to miss a mortgage payment, they should begin preparing for how to avoid foreclosure. This might include working with the lender right away, consulting with a Realtor to list the house for sale, and taking the bankruptcy counseling sessions just in case they run out of time. It is better to be prepared for any possibility, since the foreclosure process can often be unpredictable, with various state and local rule variations, as well as the bank's own ability to move forward with the process quickly.
Filing Personal BankruptcyIf you are planning to file bankruptcy, you will have options for completing the process. Do it yourself, or hire an attorney to do it for you. You may also be able to simply hire a document preparer, who is not a licensed attorney, to prepare the documents for you. The cost of that would probably be less than the cost of hiring an attorney, although a document preparer also will not be qualified to render advice, and should not.Decide on the Proper Bankruptcy Chapter to File UnderBefore filing bankruptcy, you must decide on the type of bankruptcy to file. There are two types for consumers, being Chapter 7 and Chapter 13. They are distinctly different from one another, and will require different filing and different handling. Chapter 7 bankruptcy is known as liquidation bankruptcy, with the import of that phrase being that in exchange for a release from your debts, you agree to give up your property. Release from debts through bankruptcy is called discharge, and there actually are certain types of debts which cannot be discharged in Chapter 7 bankruptcy. These include student loans, taxes, and domestic support obligations, including child support and alimony. Other nondischargeable debts include fines and court fees. Most people filing Chapter 7, however, are not confronted by nondischargeable debts, and all of their debts are wiped away. This includes credit cards, medical bills, and the personal liability side of secured debts like car loans.Chapter 13 vs. Chapter 7Debts are treated differently in Chapter 13, with that Chapter providing a broader discharge. Chapter 13 bankruptcy is essentially favored by the law, because in Chapter 13, the debtor is making an attempt to repay some or even all debts.Do-it-Yourself Bankrtupcy Filing in Chapter 7Filing Chapter 7 bankruptcy is actually a fairly simple process, requiring submission of a set of documents, payment of a fee, and generally only one appearance at Court. Actually, in Chapter 7 bankruptcy you generally do not appear before a judge, but instead simply attend a meeting which is presided over by a court official known as the trustee. The trustee administers your case from start to finish, and will examine you at the meeting concerning statements made in your filing. In truth, the examination is rote, with the trustee asking nearly all filers the same simple questions. As for property given up in Chapter 7, this will be only so-called non-exempt property, which will not include your home, your retirement account, your clothing and personal items, or even your car in most cases. If you are considering Chapter 7, you can safely assume that you can complete the process with no assistance. There are kits available at bookstores that will provide all required forms. Bankruptcy is a federal process, and forms are standardized nationwide.Using an Attorney in Chapter 13Chapter 13 bankruptcy is eminently more complex, providing more protection for a debtor, but in exchange for a debtor's commitment to repayment of debts under a plan. The plan must be approved by the court, and it is detailed in its contents. Chapter 13 bankruptcy is a common recourse for people facing foreclosure on their homes, as that bankruptcy will allow them to repay arrearages and compel a mortgagor to accept that repayment. If you choose to file Chapter 13, you must expect to need an attorney to represent you in the process. Chapter 13 is far too complicated for a layperson to handle.
Just like people, sometimes a corporation accrues more debt than it actually has the ability to pay back. When this occurs, a corporation sometimes declares bankruptcy. However, corporations do not always use the same kinds of bankruptcy that individuals use. The two most common corporate bankruptcy filings are Chapter 7 bankruptcy and Chapter 11 bankruptcy. Chapter 7, which can also be used by individuals, is for businesses that are giving up entirely. If a company declares Chapter 7 bankruptcy, that company will cease operations immediately. At that point, legal ownership of the company is transferred to the bankruptcy court. When ownership of the company is transferred to the court, a lawyer will be appointed by the court to oversee the rest of the bankruptcy. This will include overseeing the closing of that corporation's facilities. It will also include a liquidation of the company's assets. The assets will be sold, and the proceeds of those sales will be used to pay back creditors that are owed money by the company. Chapter 11 bankruptcy, not used by individuals, is a bit different. Instead of the business being closed, the business is allowed operate normally during the bankruptcy. The goal of a Chapter 11 bankruptcy is the restructuring of the corporation so it can be profitable once again. There is also another potential benefit from this kind of corporate bankruptcy. All or a good portion of the company's previous debts and other obligations may be absolved. This is due to the fact that the goal of Chapter 11 bankruptcy is reorganization. Debt or other obligations that would force a company to go out of business may be removed to help that occur. Obligations other than debt that may be set aside by the court can vary. Usually this includes things such as agreements with unions on employee pensions and benefits, leases for real estate and other expensive contracts. However, even if a corporation attempts to enter Chapter 11 bankruptcy, there is still a risk that the company may be liquidated as part of a Chapter 7 bankruptcy. This can occur if a plan is not agreed upon by the corporation, its creditors and the court. If this happens, the only remaining options are either entering Chapter 7 or returning back to the company's pre-bankruptcy state. Since the company entered bankruptcy because survival without reorganization was unlikely, both choices are rather undesirable.
If you have forgotten to include a debt in your bankruptcy, you can amend your petition to include the debt in your bankruptcy. In case of a chapter 13 filing, you must amend your payment plan to include the forgotten debt. In some cases you may not have to file an amended petition in a Chapter 7 case especially if there are no assets for distribution. The court will allow you to write off the forgotten debt but you must provide proof of your bankruptcy filing to the creditor otherwise they will not be aware of your filing and will continue with the collection activity. If the debt was incurred after the filing but before discharge, you may have to file a new petition including the debt after requesting the court to dismiss your existing petition. For an official opinion, it is advised you seek legal counsel.
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