| Author |
Message |
sweetme
Guest
|
Post subject: |
|
|
| Hi there...planning to file bankruptcy due to severe financial crisis…Can anybody tell me how long will I have to wait after declaring bankruptcy before I am able to get a mortgage? Does it vary from bank to bank...???One more question…can I get a credit card after filing bankruptcy??? I have heard it is a good way to re-establish one's credit. |
|
|
savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
|
|
Post subject: |
|
|
Hi
It depends on what type of bankruptcy you are filing. It also varies from one lender to another. For instance, If you file a chapter 7 bankruptcy, you will have to wait at least 2 years to qualify for an FHA loan while for a conventional loan you will have to wait for 4 years. However, you can still qualify for a loan but you will be required to pay higher interest rates. Getting a credit card will also not be easy after a bankruptcy discharge. |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
|
|
Post subject: |
|
|
Hi Guest
Bankruptcy will remain on your credit report for around 10 years. However, you can apply for loans depending upon the type of bankruptcy you have filed. If you file Chapter 13 bankruptcy, you can apply for FHA loans after 1 year of the discharge of bankruptcy. For conventional loans, you'll have to wait for 2 years.
As savior has mentioned, if you have filed Chapter 7 bankruptcy, then you would have to wait for 2 years after the discharge of bankruptcy to get a FHA loan and 4 years to get a conventional loan.
Going for a secured credit card is always helpful in establishing credit. You may start getting credit card offers immediately after you file bankruptcy but there can be some hidden fees associated with them. So you should read all the details carefully before using the card.
Thanks.
_________________
Good is the Enemy of Great. |
|
|
helplesslandlord
Guest
|
|
Post subject: |
|
|
Hello everyone…great website I must say! I was just hoping if you could help me in some way… I am an unfortunate landlord who had leased a house to the tenants when they finished their Ch. 13 petition around 6 months ago. Well, I have been payed rent from them directly. But now suddenly from nowhere THEY are now wanting to break the lease. I have now given them a "Pay Rent or Quit" notice as they haven't paid this month. They signed a 2 year lease and I understood that my lease was outside of their bankruptcy. Will I be able to obtain a money judgment from them for damages, the remainder of the lease's rent payments, court costs, etc? Can I be able to evict them if I win an Unlawful Detainer lawsuit and most importantly will I be able to collect the dues from them?
I really need help…please… |
|
|
sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.11 Dollars($)
|
|
Post subject: |
|
|
Hi Guest,
As far as I know, rent is something that could not be included in a bankruptcy. I don't think the bank would forgive them of their rent obligation. Though their bankruptcy is discharged, they would have to pay off their rent. You must have signed an agreement with your tenant while renting the property to them. This agreement must have all the rules and regulations stated clearly. You should check out that agreement and see what steps you can take when your tenants fails to pay the rent. In my opinion, you would be able to collect the dues from them.
Take Care. |
|
|
imbankrupt
Guest
|
|
Post subject: |
|
|
| Our credit union would not reaffirm our loan on the van that we had. So what we did was we drove it down to their office and parked it and handed over the keys to them. It is now that they sent us a letter which states that we are late on payments. It is nearly a month since this happened. Office we are supposed to be discharge from our bankruptcy on May 25th. Do you think this is normal? |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
|
|
Post subject: |
|
|
Hi Guest,
Did you get any type of paperwork signed from your credit union stating that they had repossessed the vehicle? I guess you haven't asked your credit union for a written document. Thus, they are telling you that you have defaulted on your payments. However, as far as I know, they will not be able to sue you as your bankruptcy has not been discharged yet and court has imposed an automatic stay. In my opinion, you should speak to your bankruptcy attorney if they are harassing you for the payments when the court has imposed an automatic stay.
Thanks
_________________
Good is the Enemy of Great. |
|
|
myfriend
Guest
|
|
Post subject: |
|
|
| I would like to ask this question on behalf of one of my friends…hope someone of you could answer this…My friend is planning to file bankruptcy. He has a lawsuit against him. My question, I guess is that, is this lawsuit dischargeable in bankruptcy? |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
|
|
Post subject: |
|
|
Hi Guest
As far as I know, most judgments can be included in a bankruptcy and more importantly, they can be eliminated. Some common examples of judgments that can be eliminated through bankruptcy are a credit card company or car lender suing an individual and getting a judgment for the balance owed. If your friend has such kind of a judgment against him, then it can be eliminated with the help of bankruptcy.
Thanks.
_________________
Good is the Enemy of Great. |
|
|
visitor
Guest
|
|
Post subject: how long do I have to wait to file another bk |
|
|
| I filed a bk in 2001, I got into tripple digit debt after and now want to know how long did I have to wait to file again? Seven years from filing, or final judgment |
|
|
jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
|
|
Post subject: |
|
|
Hi visitor,
What type of bankruptcy did you file? Chapter 7 or 13? If you filed chapter 7, you will have to wait for at least 7 years before you file another bankruptcy and in case you filed a chapter 13, the wait would be at least of 6 years. It will be 6-7 years from the date of discharge, not the date of filing. |
|
|
bankruptcy
Guest
|
|
Post subject: |
|
|
| Please help me!!! Do to unforeseen circumstances, I filed for bankruptcy and now I want to refinance my mortgage to lower my payment. My mortgage company tells me that they cannot refinance while I'm in bankruptcy. I even asked them to modify the loan but they have refused. Do you think I can get a plan rate reduction??? How??? Also can anybody tell me whether the loan can be modified once it is in bankruptcy? |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
|
|
Post subject: |
|
|
Hi Guest
As you have already filed bankruptcy, it would be difficult for you to refinance the mortgage. You'll have wait for quite some time after your bankruptcy discharge in order to refinance the loan. You haven't mentioned the type of bankruptcy you've filed for. If you have filed Chapter 13 bankruptcy, the lender will give you a repayment plan depending upon your situation and you'll have to clear the debts within 3-5 years. If you have filed Chapter 7, then you can reaffirm the debts and start paying them off. After a year, you may refinance the loan.
As far as loan modification is concerned, you may be able to do it but only after your bankruptcy is discharged. However, modifying the loan may also depend upon the discretion of the lender.
Thanks.
_________________
Good is the Enemy of Great. |
|
|
Cristal
Guest
|
|
Post subject: |
|
|
| I'm stressed and I don't know what to do in this situation… It might sound funny to you all but I personally guaranteed an LLC franchise business. Well…I thought it would do well…then the recession started everything went for a toss. At present, the business is in huge debt. I want to get out of this…but the agreement states that I will be there with the franchiser for the next 10 years. Moreover, there was no collateral was involved. Now my question is … What type of bankruptcy should I file to get out of this situation? I was thinking of personal and LLC bankruptcies discharge. What do you guys say? |
|
|
sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.11 Dollars($)
|
|
Post subject: |
|
|
Hi Cristal,
Most people believe that they can start a business and incur debts for it. And when they are in huge debt, they can simple walk away. However, the fact is that no creditor would give money to your business without a personal guarantee.
As far as your case is concerned, I think filing personal bankruptcy is the best option for you rather than filing an LLC bankruptcy. If you file Chapter 7 bankruptcy, it will help you in eliminating your personal liability.
However, you will have to check out through means test whether you qualify for Chapter 7 bankruptcy. If you do not satisfy the asset limit, you may not be able to file Chapter 7. It would be better if you could consult a bankruptcy attorney and get to know whether you qualify for it or not. Seeking professional help is the best option for you right now.
Take Care |
|
|
Mortgage Problems and Solutions Forum
Previous 1 2 3 4 5 Next 
