What are the thing to know when buying a house during bankruptcy ?
Depending on how long ago the bankruptcy was, your credit report will contain details of your bankruptcy so this will affect your credit rating.
The mortgage that you get will possibly need higher payments or loan to value ratio than if your credit history shows no bankruptcy.
check for errors in your credit report so be sure to get a copy of your full credit report to see if there are any outstanding loans on there that you may not know about.
Here are a few other factors to remember:
You need to make sure you are credit worthy.
You may have to pay higher interest rates on the mortgage
If your trying to get a mortgage during a chapter 13 then you may need to have the courts permission.
Showing posts with label bankruptcy. Show all posts
Showing posts with label bankruptcy. Show all posts
Saturday, 21 May 2011
Thursday, 19 May 2011
What are the exemptions in chapter 7 ?
The exemptions in chapter 7 do not allow the liquidation of assets that would effect the
ability of you to pay back any money, such as a work related equipment, such as car that you
need to use to get to work or work tools.
ability of you to pay back any money, such as a work related equipment, such as car that you
need to use to get to work or work tools.
Monday, 16 May 2011
What steps can I take before filing for a chapter 7 or 13 ?
Consolidate your debts, i.e make an arrangement with your creditors to pay a set
amount off at a regular interval say weekly or monthly.
Chapter 13 bankruptcy will require you to pay off some of your debt that is owed.
Chapter 7 will require you to liquidate all your assets and pay back to your creditors.
Which debts can't be discharged using chapter 13 or chapter 7 bankruptcy?
Child support payments
Taxes
Criminal fines, such as parking tickets
DUI driving under the influence
amount off at a regular interval say weekly or monthly.
Chapter 13 bankruptcy will require you to pay off some of your debt that is owed.
Chapter 7 will require you to liquidate all your assets and pay back to your creditors.
Which debts can't be discharged using chapter 13 or chapter 7 bankruptcy?
Child support payments
Taxes
Criminal fines, such as parking tickets
DUI driving under the influence
What is the difference between chapter 7 and chapter 13 bankruptcy law?
Chapter 7 is a discharge of all your debts by liquidating your assets, if you meet the minimum levels for debt income then you will be able to switch to a chapter 13, the chapter 13 will allow you to form a
restructuring plan,
it is on average a 3 year program and the level of money you have to pay back will
be determined by the court.
Chapter 13 will enable you to keep some income to pay off a mortgage or debt on a car which
you would have lost, it allows you to pay the debt off while retaining some income.
Chapter 7 is different because it may means a total liquidation of your assets.
restructuring plan,
it is on average a 3 year program and the level of money you have to pay back will
be determined by the court.
Chapter 13 will enable you to keep some income to pay off a mortgage or debt on a car which
you would have lost, it allows you to pay the debt off while retaining some income.
Chapter 7 is different because it may means a total liquidation of your assets.
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