Jump to content

filed 13 a year ago


JTsdaddy
 Share

Recommended Posts

I filed chapter 13 due to a car being repossed and the OC chrysler fincial threating to sue me. How is this going to affect me buying a house, I did 13 cause even though chrysler Fincial were A$$holes I wanted to show responsbility for My debt.. Thought it would help me in the long run

Link to comment
Share on other sites

Well, initially the BK13 will tank your score. When do you expect that you will receive your discharge? You cannot get new credit w/o trustee approval while you are still in BK.

Once your BK has been discharged, usually you need to wait 2 yrs prior to getting a mtg, unless you go VA.

Link to comment
Share on other sites

If you qualified for a Chapter 7, you made a big mistake in filing a 13.

In a 7, all unsecured debt is discharged and with 2 years of clean credit post bk, you'd qualify for FHA financing. As time goes by, you'd quaify for more conventional programs.

The bk would have been over in 90-120 days. Here. you're stuck in a 36-60 month plan with a trustee in control of much of your finances.

Link to comment
Share on other sites

So how do I go about filing a 7..

I filed 13 so I could keep my truck, Lease is up in October, Id like to buy a house soon, but was told with a 13, Id have to wait another year for the two time frame, But need to get permission from the court and trustee, then need to find finacing, If I do a 7 I think I have to wait another two years, but the loans are better ?? I think

Link to comment
Share on other sites

I did the 7 and have only run into problems in getting a mortgage. If you are desperate there are mortgage lenders who will lend even right after discharge but the terms are high. see my post "just do it mortgage help"

I would not have filed at all for just a repo, if you don't own a home the results of a judgment would be less than BK. If you own real estate then they can attach judgment to it. However , many times the finance dept will settle before going to court. I had both before my ch7. I had to pay off a judgment on my house to keep it through the BK. Mortgage people are looking at your house payment record and any foreclosures not car loans. You can explain a repo off when applying for a mortgage, but cant explain a BK or foreclosure. I would not consider a 13, its just prolonging the pain. I am pretty sure you can convert to a 7 even after a 13 has been filed.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.