How Long Can I Buy A House After Chapter 7 Bankruptcy?


How long can I buy a house after chapter 7 bankruptcy? If you have gone through the chapter 7 bankruptcy, you will need to wait at least 4 years after the court discharges your bankruptcy to be eligible for the conventional loan. On the other side, government-backed mortgage loans are a bit more lenient.  

What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy, known as straight or liquidation bankruptcy is the type of bankruptcy, which can clear away several types of unsecured debts. If you are far behind on your bills as well as you do not have the means in order to afford payments on a monthly basis and living expenditures. Filing Chapter 7 bankruptcies could be the last resort to assist you to reset your finances. However, you may have to give up some of your possessions; moreover, it will have a long-lasting negative impact on your creditworthiness.

What Is The Difference: Chapter 13 VS. Chapter 7 Bankruptcy?

To know in depth about how long can I buy a house after chapter 7 bankruptcy or chapter 13 bankruptcy, you should know differences between chapter 7 and chapter 13 bankruptcy. Chapter 7 and Chapter 13 are the two common types of bankruptcy that influence clients. Either could assist if you do not have the means in order to pay all your bills. However, there are most important differences between the two.

A chapter 7 bankruptcy can wipe out certain debts within many months. However, a court-appointed trustee can easily be able to sell your nonexempt property in order to pay your creditors. You also should have a low income to qualify. A chapter 13 bankruptcy will enable you to retain your stuff and obtain on a more affordable repayment plan with your creditors. You will have to need to have sufficient income to afford the payments and be below the maximum total debt limits.

A court will approve the Chapter 13 repayment loan. This usually lasts 3-5 years and your trustee will collect your payments as well as disburse them to your creditors. As you finish the plan, the remainder of the unsecured debts is discharged.

Real Estate Diary:

It is the top mortgage company in the province of California. It is the team of highly skilled experts which provides strategies for buying a house after chapter 7 bankruptcy. At a real estate diary, our main motive is to get client satisfaction as this is our topmost priority.  

Conclusion About How Long Can I Buy A House After Chapter 7 Bankruptcy:

In conclusion, if you want to buy a house after chapter 7 bankruptcy, you can choose a real estate diary by visiting our website: https://realestatediary.org/, moreover, you can call us on our toll-free no: +1-662-200-5160. 

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