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
What happens after I file my bankruptcy?
Under normal circumstances, the bankruptcy court will automatically issue the discharge 60 to 75 days after the First Meeting of Creditors.
What happens to my credit rating after bankruptcy?
You can reestablish credit though and be back in A credit two years after the discharge of bankruptcy. The bankruptcy is a judgment and will be listed for a period of up to 10 years after the discharge.
After bankruptcy can I get credit?
Sure. For awhile though expect to pay high interest rates and fees. There is a whole mortgage industry loaning to people with less than perfect credit.
If I need to file bankruptcy again how long do I have to wait?
You must wait 6 years to file again or if your bankruptcy was dismissed you must usually wait for 180 days to refile.
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.
- Should You Refinance? Make Sure the Timing is Right
- How to Get Approved for an FHA Loan despite Bad Credit
- Alternatives to Getting a 2nd Mortgage
- Second Mortgages: Advantages and Disadvantages
- FHA Loans for a First-Time Home Buyer
- Home Equity Loans for People with Bad Credit
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Short Selling a Rental Property
- Low Down Payment Loan Qualification