Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
To File a Chapter 7 Bankruptcy
- You must reside or have a domicile, a place of business, or property in the United States or a municipality.
- You must not have been granted a Chapter 7 discharge within the last 6 years or completed a Chapter 13 plan.
- You must not have had a bankruptcy filing dismissed for cause within the last 180 days.
- It must not be a substantial abuse of Chapter 7 to grant the debtor relief. Generally speaking if after you pay the monthly expenses for necessities there is not enough money to pay the remaining monthly debts then granting a discharge would not be an abuse of Chapter 7.
- It would not be fundamentally unfair to grant the debtor relief under Chapter 7.
The Most Common Reasons for Consumer Bankruptcy Are:
- Large medical expenses
- Seriously over extended credit
- Marital problems
- Large unexpected expenses
This information deals with Chapter 7 consumer bankruptcy. Each state has its own bankruptcy laws so you need to check with your state for details. Information dealing with Chapter 13 bankruptcy and consumer debt restructuring is not discussed in the above FAQs. The information contained in the following FAQs is provided for general information purposes only and is not intended to be a legal opinion nor legal advice nor is it intended to be a complete discussion of all the issues related to the area of Chapter 7 consumer bankruptcy. Every individual's factual situation is different and you should seek independent legal advice regarding specific information.
- FHA Eligibility with Bankruptcy and Foreclosure
- 3 Reasons Banks Reject Short Sales
- How to Get Approved for an FHA Loan despite Bad Credit
- 3 Warning Signs of Loan Modification Scams
- Low Down Payment Loan Qualification
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Short Selling a Rental Property
- Home Equity Loans for People with Bad Credit
- 3 Common Short Sale Mistakes