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
The date a bankruptcy discharge occurs will depend on the specific type of bankruptcy that was filed. If you have filed bankruptcy, it is important to be aware of the exact date the discharge will occur, since this is when you may be able to obtain fresh credit.
Once your bankruptcy is discharged, you are no longer burdened by the debts included in the bankruptcy filing. If you have had trouble obtaining credit since the time of your bankruptcy, the discharge can allow you to qualify for certain types of credit depending on the lender’s guidelines.
Type of Bankruptcy Filed
If you filed for a Chapter 7 or Chapter 11 bankruptcy, the discharge will take place once the bankruptcy court process reconciles the settlement of the debts and assets included in the filing. In most cases the discharge will occur three or four months after the file date with the court.
If you filed for a Chapter 13 bankruptcy, a plan was established that requires you to repay the debts between three to five years. The discharge will occur once the bankruptcy court verifies you have repaid all required debts within the specified period.
- How to Get Approved for an FHA Loan despite Bad Credit
- Home Equity Loans for People with Bad Credit
- 3 Reasons Banks Reject Short Sales
- Appraisal Basics
- Short Selling a Rental Property
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Alternatives to Getting a 2nd Mortgage
- What To Do When Mortgages Default
- Should You Refinance? Make Sure the Timing is Right