I had a bankrupt appx. 7 or 8 years ago don't know if it is still on my c.s. & what I need to do ?
Asked by Buford
Answered 1 year ago
The Bankruptcy is old enough now that you would qualify for most loan products. A loan officer can pull your credit and determine if you qualify with a few quick questions over the phone. Feel free to call me directly.
Reliant Bank Mortgage Services
There are very few loan products that you wouldn't qualify for if your bankruptcy discharge date is at least 7 years ago (assuming you are otherwise qualified). A local professional can help you decide which loan program and product is best, but you should have little trouble with the bankruptcy itself as long as your credit has been re-established.
A Chapter 7 bankruptcy will usually report on your credit report for 10 years. A Chapter 13 will usually report for 7 years from the discharge date. However, if you were discharged 7 to 8 years ago, even if you used Chapter 7, you will not be negatively impacted for mortgage qualification.