I am in year two of a five year Ch13 Repayment plan. I have started to reestablish my credit with a secured c?

Answers:2   |   LastUpdateAt:2012-11-01 20:02:02  

Question
Tricia
Asked at 2012-08-26 08:37:18
I am in the second year of a payment plan Ch13 five years . I started to rebuild my credit card secured credit and a secured loan with my bank . How long before you can finance a home ?
Answer1KarinnaAnswered at 2012-09-02 05:32:04
The Federal Bankruptcy Act does not allow you to get a loan while you are in a Chapter 13 plan without prior approval from the plan administrator . You have to go through his lawyer to apply for approval of the loan . MedlinePlus MedlinePlus If you took out a secured credit card on your own ( and / or a secured bank loan ) , then you are in violation of his contract and if the bankruptcy administrator discovers that you have done this ( not likely , but could do so ) , then could declare bankruptcy deserted , has to pay all these people all this money they are owed before filing chapter 13. MedlinePlus MedlinePlus You really need to discuss this with your bankruptcy attorney . The attorney general will give advice for free , but if you have to ask the administrator that the lawyer will charge a fee for it. MedlinePlus MedlinePlus In general, you can buy a house 3-4 years after the bankruptcy has been discharged if you have 20 % down payment and a stable job with a qualifying income.
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