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May 2019 Archives

Securing a mortgage after a Chapter 7 bankruptcy

Hackettstown residents who feel as though they are drowning in debt may find a Chapter 7 bankruptcy to be their best option at getting back to enjoying a comfortable financial position. Indeed, the benefit of having certain debts discharged is likely one of the primary reason why Chapter 7 is the most popular form of personal bankruptcy (as evidenced by the fact that the American Bankruptcy Institute reports that an average of over 62 percent of all cases in 2018 were filed under this chapter). Yet one question that those considering a Chapter 7 bankruptcy should ponder is how long such an action might prevent them from securing a traditional loan again (specifically a mortgage). 

What is a meeting of creditors?

If you are plagued by medical expenses, bills, credit card debt, mortgages and other expenses, you may feel overwhelmed by the monthly payments required just to stay afloat. It may get to the point where you are unable to keep your head above water, and the chances of paying off your expenses may seem impossible. Chapter 7 bankruptcy allows people in this situation to wipe away much of their debt and start again with a clean financial slate.

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