No. But if you have equity in your home it may not be the best approach. A chapter 13 is designed for a situation where the person has equity or is behind on payments. In a Chapter 7 - You will be asked to pay the Trustee the value of the equity of your home... so if you have $15,000 in non-exempt equity, you'll most likely have to write a check to the Trustee for $15,000 or surrender the home. no ,but if you include the Mortgage on your property in your bankruptcy,most likely you will have to surrender the property to a court appointed trustee
I have spoken to several mortgage lenders regarding how ONE bankruptcy affects someone who wants a mortgage, 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. However, I have only asked one mortgage lender what a person's odds are of getting a mortgage after filing bankruptcy twice, and he said "With two bankruptcies on the credit report, forget it." I take this to mean that you probably won't be able to get a mortgage very easily, if at all, until the oldest bankruptcy falls off your credit report (Chapter 7's are on your credit report for 10 years from the date they are filed). 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.
The main question that should be asked during mortgage loan interview is how the borrower plans to repay. A person who has no job or other steady source of income will not be able to pay the mortgage back and is not a good loan risk.
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!
On the Mortgage Professor's website you can find a guide to borrowing, with helpful information on mortgage predators, tutorial on how to choose an appropriate mortgage and frequently asked questions.There are special 'tools' such as calculators and spreadsheets for you to formulate a mortgage plan based on your own personal circumstances.
THIS QUESTION HAS BEEN ASKED AND ANSWERED MANY, MANY TIMES. IT IS PART OF THE DATABASE HERE. PROPERLY USING THE SYSTEM MEANS YOU WOULD HAVE GOTTEN THE ANSWER WITHOUT HAVING TO WAIT! (And consider that if you can't do that - you really should only consider having your own personal lawyer handle EVERYTHING to do with your financial matters and any BK issues which are all much much more complex and less forgiving of not adhereing to the system). 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 more 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. The above notes discharge dates, and as everything concerning BK, is a FEDERAL law applicable everyplace.
The case, that you asked for, has been completed and resolved.
There are many different online websites that contain Frequently Asked Questions (FAQ) about bankruptcy. A few of these websites include Bankruptcy Action, SpringBoard, Legalzoom, and Total Bankruptcy.
We went through a Chapter 7 Bankruptcy a few years back and our attorney asked us, for our protection, to list any unpaid debt we'd ever had. That way, a past debt would be covered and could never be contested.
You thought your mortgage would be discharged? And I guess you would just have then owned the house free and clear. You really are kind of far along to be asking these questions don't you think? even if it can be done and they agree, sure you want a to do a "deed in lieu of foreclosure" as part of your bankruptcy? Wow....what a surorise you aren't getting the result you expected...and really no surprise your in bankruptcy --meaning you asked the court to protect you from all those who trusted you and the promises you've decided to break to them and loss and trouble to cause. Really...why not get expert personalized help...your own counsel to explain it?
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 more 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.
I have spoken to several mortgage lenders regarding how ONE bankruptcy affects someone who wants a mortgage, 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. However, I have only asked one mortgage lender what a person's odds are of getting a mortgage after filing bankruptcy twice, and he said "With two bankruptcies on the credit report, forget it." I take this to mean that you probably won't be able to get a mortgage very easily, if at all, until the oldest bankruptcy falls off your credit report (Chapter 7's are on your credit report for 10 years from the date they are filed). 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.
This Q has been asked and answered about a zillion times before....the answer remains the same...and would have been available to you immediately had you followed the Wiki system: 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 more 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.
To me it sounds unlikely that a bank would give a new mortgage to an estate. How would the bank get its interest paid by a dead person? Did the administrator lie when he/she asked for the mortgage?
Between 7 and 13 years later. Depending on the circumstances of the first bankruptcy. 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 more 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.
While this is a very general question, I believe the question being asked is whether a debtor who is unemployed can file a Chapter 13 bankruptcy. Unfortunately there can only be general answers given, but it is a place to begin exploring options. Remember that while bankruptcy is governed by federal law, individual state laws differ, and the debtor will be governed by both, so please speak with a bankruptcy attorney in your state. Chapter 13 is - simply stated - a court authorized debt management program. It is a means of creating a pay-back plan and very often the Trustee is able to authorize a program where debts are essentially, eventually paid back in full. If a person is unemployed with no means of income, that would be difficult to structure.
There is a perfectly good laundry list of bankruptcy exemptions in Arizona, and you can find them easily. Just go to the U.S. Bankruptcy Court website, and look at the FAQs (the frequently asked questions). Those come in three clumps, and the second one is "debtor questions"; that's what you're looking for. Go to question 15, and there's a nice, official list of Arizona Bankruptcy Exemptions. Enjoy! And if you want to see a discussion of Arizona bankruptcy exemptions, and most topics associated with Chapter 7 bankruptcy cases in Arizona, feel free to go to my bankruptcy blog. I'm Joseph C. McDaniel, and I'm an Arizona bankruptcy lawyer.
You might have to wait 7-10 years unless your financial circumstances have changed greatly and you can prove it. You can probably do it earlier but the rates will be high I have brokered real estate for more than 10 years and have been a Mortgage Loan Officer for 17 more for a total of 27 years in the business. I have never heard of a situation where a borrower needed to wait 7 to 10 years to obtain a mortgage following a Bankruptcy if they have reestablished themselves. Generally, you will have to wait 2 or 3 years following the bankruptcy if you have reestablished credit, and it will be dependant on the circumstances leading to the bankruptcy to determine if the circumstances were beyond your control. You will usually be asked to write a letter/statement explaining the circumstances and may need to provide additional documentation to support your explanation. I suggest finding a reputable lender who is experienced in all mortgage products who knows how to properly package an application with former cred