You’ll need to wait 2 – 4 years depending on your loan type. For a Chapter 13 bankruptcy, you may be able to apply immediately, or you may need to wait up to 4 years. FHA loans are a great option after bankruptcy because they allow you to buy a home with a lower credit score.
In the case of conventional loans with a Chapter 13 bankruptcy, you must wait 4 years from the date of filing and 2 years from the date of discharge before applying for a conventional loan.
Can I get a loan after chapter 13 discharge?
It’s technically possible to get any type of mortgage loan after a bankruptcy. If you have a Chapter 13 bankruptcy, there’s no waiting period at all after a court dismisses or discharges you. FHA loans also have looser requirements compared to other types of government-backed loans.
When is a debtor ineligible for a chapter 13 discharge?
A debtor is ineligible for discharge under chapter 13 if he or she received a prior discharge in a chapter 7, 11, or 12 case filed four years before the current case or in a chapter 13 case filed two years before the current case.
When to choose Peoples Bank Mortgage for Chapter 13 discharge?
When you choose Peoples Bank Mortgage for assistance in Chapter 13 Bankruptcy Discharges, you’re choosing a company which wants to ensure your success across the board. We have the team of experts which will guide you every step of the way to have you back on track with your Chapter 13 Bankruptcy, credit score repair, and Chapter 13 discharge.
What do you need to know about discharge in bankruptcy?
The bankruptcy discharge varies depending on the type of case a debtor files: chapter 7, 11, 12, or 13. Bankruptcy Basics attempts to answer some basic questions about the discharge available to individual debtors under all four chapters including: What is a discharge in bankruptcy?
Can a hardship discharge be used in Chapter 7 bankruptcy?
Such a discharge is available only to a debtor whose failure to complete plan payments is due to circumstances beyond the debtor’s control. The scope of a chapter 13 “hardship discharge” is similar to that in a chapter 7 case with regard to the types of debts that are excepted from the discharge.
