Can I make too much money to file Chapter 7?

Can I make too much money to file Chapter 7?

Even if you make too much money to automatically pass the Chapter 7 means test, you may still be able to qualify for Chapter 7 bankruptcy. This is because you can deduct certain expenses in full to help you reduce your disposable income on the means test.

Do I have to give up my house in Chapter 7?

If you file for Chapter 7 bankruptcy, you don’t have to repay any debt. Instead, you must give up any property you own that isn’t exempt under your state’s law (or the federal bankruptcy exemptions, if your state allows you to use them instead). Many Chapter 7 filers don’t own any nonexempt property.

Can I file Chapter 7 if I am behind on my mortgage?

You Cannot Catch Up on Overdue Mortgage Payments Through the Bankruptcy. Chapter 7 bankruptcy does not have a mechanism for you to catch up overdue mortgage payments through your bankruptcy case. And the bankruptcy court cannot compel your mortgage company to work out any kind of repayment plan with you.

What happens to mortgage when you file Chapter 7?

Although Chapter 7 bankruptcy gets rid of your personal liability on your mortgage, the lender can still foreclose if you stop paying. Filing for Chapter 7 bankruptcy will wipe out your mortgage loan, but you’ll have to give up the home. So, if you want to keep the house, you must continue paying your mortgage payment.

Can I refinance my home after filing Chapter 7?

You can refinance your home after a Chapter 7 bankruptcy between 2 – 4 years after discharge. To know when you’ll be eligible to refinance, it’s important to understand the difference between your filing date and your discharge or dismissal date. The filing date is when you begin the bankruptcy process.

Can I sell my house while in Chapter 7?

Chapter 7 bankruptcy (liquidation of assets) makes it difficult to sell a home. If you want to sell, you first must obtain the court’s approval. If the court-appointed trustee wants to sell your home to generate cash for creditors, he also must get permission from the court.

How long does it take to rebuild credit after filing Chapter 7?

Your reports will show a Chapter 7 bankruptcy for 10 years, or a Chapter 13 for 7 years. Late payments and debts that go to collection also remain on the reports until seven years after the delinquencies. You’ll just need to wait for that information to age off of your reports.

Can I get a FHA loan after Chapter 7?

Chapter 7. You are eligible for an FHA loan after Chapter 7 two years after discharge (the court order that releases you from liability for the debts included in the bankruptcy). During those two years, you must have re-established good credit and avoided taking on additional debt.