A loan modification does not re-establish liability on a loan that is (or was) discharged in bankruptcy. The modification changes the terms of the loan, but a new loan is not being created, and the debtor is not agreeing to once again take on personal liability for the loan.
Additionally, can a bankruptcy discharge be revoked?
If you commit fraud or don’t follow bankruptcy rules, the court can revoke your bankruptcy discharge and your debts won’t be wiped out. … But if you’re not completely honest in your bankruptcy papers or fail to follow all the rules, the court can revoke your discharge even after closing your case.
Also to know is, can bankruptcy trustee take assets after discharge?
Unless the Trustee has formally abandoned (given back) assets to the debtor prior, they belong to the Trustee until the bankruptcy case is CLOSED, which occurs after the discharge is entered. … Assets remain the property of the Trustee in a Chapter 7 case until the case is closed.
Can I get a checking account After Chapter 7?
Yes, you can open a bank account while you are in a bankruptcy. There is nothing in the Bankruptcy Code or Court Rules that would prohibit a person filing a bankruptcy from opening an account. A bank account is essentially just another place for you to store your money.
Can I get a conventional loan after Chapter 7?
To qualify for a conventional loan after Chapter 7 bankruptcy, borrowers need to wait 4 years after the discharge date. There a four waiting period after the Chapter 7 Bankruptcy discharged date. … 3% to 5% down payment is required on conventional loans. The minimum credit score required on conventional loans is 620 FICO.
Can I sell my house after bankruptcy discharge?
The short answer is: Yes, you can sell your house after a bankruptcy discharge. … Discharged bankruptcy doesn’t necessarily mean that your case is finalized and closed.
Can you get a FHA loan after 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.
Does your credit score go up after Chapter 13 discharge?
Your credit score after a Chapter 13 Bankruptcy discharge will vary. … For most individuals, you can expect to see quite a dip in your overall credit score. This is a common result, when you have any type of bankruptcy attached to your credit report.
How long after bankruptcy can I get a FHA loan?
How long after bankruptcy discharge can I get a loan?
During a Chapter 7 bankruptcy, a court wipes away your qualifying debts. Unfortunately, your credit will also take a major hit. If you’ve gone through a Chapter 7 bankruptcy, you need to wait at least 4 years after a court discharges or dismisses your bankruptcy to qualify for a conventional loan.
How long after Chapter 7 discharge can I buy a house?
What does modification allow for in bankruptcy?
At any time prior to the completion of payments under a confirmed plan, the plan may be modified, after notice and hearing, to change the amount of payments to creditors or a particular class of creditors and to extend or reduce the payment period.
What happens after bankruptcy Chapter 7 discharge?
For most filers, a Chapter 7 case will end when you receive your discharge—the order that forgives qualified debt—about four to six months after filing the bankruptcy paperwork. Although most cases close after that, your case might remain open longer if you have property that you can’t protect (nonexempt assets).
What happens after my bankruptcy is discharged?
Following a bankruptcy discharge, debt collectors and lenders can no longer attempt to collect the discharged debts. That means no more calls from collectors and no more letters in the mail, as you are no longer personally liable for the debt. A bankruptcy discharge doesn’t necessarily apply to all of the debt you owe.