How long after bankruptcy can I get a mortgage? 19 Answers as of August 25, 2011

I filed for chapter 13 4 years ago and have a steady income for the past year. I know my record will be bad for 10 years, but about when will I be able to get a car loan?

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Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
my clients have been rebuilding their credit and been approved 3yrs after discharge.
Answer Applies to: Washington
Replied: 8/25/2011
Breckenridge and Walton
Breckenridge and Walton | Alan D. Walton
When the proposed lender is willing to lend. Usually your interest rate will be higher the closer to bankruptcy you are. There are NO rules on this. It is up to the lenders.
Answer Applies to: Michigan
Replied: 7/22/2011
Ray Fisher Law Offices
Ray Fisher Law Offices | Ray Fisher
Normally, with a down payment, you can get a mortgage loan 2 to 4 years after your discharge. You can normally get a car loan immediately with 1k-1500 down. You get a car worth 12-20k with about 20-40k miles on it and payments of $350-$450 with interest rates from 20-30%.
Answer Applies to: Texas
Replied: 7/19/2011
Engberg Law Office
Engberg Law Office | Harry A. Engberg
It is up to the bank when they will give you a loan. Each credit has different rules.
Answer Applies to: South Dakota
Replied: 7/19/2011
Law Office of Maureen O' Malley
Law Office of Maureen O' Malley | Maureen O'Malley
If your bankruptcy is still going on,you need to ask the court for permission to incur debt. If been discharged for a couple of years withno other credit applications you maybe able to get one now. Just beware interest rates, and a bigger down paymentshould help.
Answer Applies to: Virginia
Replied: 7/19/2011
    The Law Office of Marvin Wolf
    The Law Office of Marvin Wolf | Marvin Wolf
    A Chapter 13 bankruptcy does not stay on your credit report for 10 years - only 8 years - the same as bad credit. The clock doesn't start ticking until you put it on the report, so make sure the bankruptcy is being reported. The problem is not getting a car loan - even a chapter 7 debtor can often get a loan while he is still in the bankruptcy - the issue is the amount of interest you pay because of bad credit. 20%-28%. It may be smarter to save up money and buy a cheap but reliable used car. Disclaimer: The above is legal information but not legal advice and no attorney-client relationship is formed. Federal Debt Relief Agent and Attorney at Law.
    Answer Applies to: New Jersey
    Replied: 7/19/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    After obtaining a discharge in bankruptcy you can apply for mortgage or car loans. The loan requirements will be tougher than someone who hasn't filed bankruptcy.
    Answer Applies to: California
    Replied: 7/19/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    If you filed for Chapter 13 4 years ago, in most cases you are still under a plan now. You cannot, except with court approval, get a loan while in Chapter 13 and most last 5 years. Once a case is over with the question depends on lenders, but some lenders, if you are at least 2 years past a bankruptcy and otherwise show decent credit, will consider you.
    Answer Applies to: Georgia
    Replied: 7/19/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    If your income is adequate you should be able to get a car loan anytime. If your Chapter 13 case is still open you will need permission from the Trustee to enter in to a car loan agreement because you need to justify the loan. The basic rule to get a mortgage is at least three years from the date your filed the bankruptcy case. Again, if your case is still open you will need permission from the Trustee and it gets complicated in case of a mortgage. It is better to wait until you get your discharge and your bankruptcy case is closed to try to obtain a mortgage. Chapter 13 remains in your credit report for 7 years, not 10 as in Chapter 7.
    Answer Applies to: California
    Replied: 7/19/2011
    Tucker Legal Clinic
    Tucker Legal Clinic | Samuel Tucker
    Extension of credit is ultimately up to the lender. You will better off after your discharge than before - credit scorewise. You can apply the day after you file a CH 7 (not recommended), but you need the Ch13 trustee's approval if you are still in your plan.
    Answer Applies to: Mississippi
    Replied: 7/19/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    If your case is discharged, you should be able to start shopping pretty soon now.
    Answer Applies to: California
    Replied: 7/19/2011
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