After Filing A Chap.13 Bankruptcy..how soon can you get approved for biz /home loans?

[BANKRUPT13]

After Filing A Chap.13 Bankruptcy..how soon can you get approved for business /home loans?

I got discharged from my Chapter 13 Bankruptcy in 2007....

I wanted to know if its possible to get approved for a business loan or home/property investment loan prior to 7 years after a discharge?

What more can i do besides using my 3 credit cards and paying them on time.

Any advice is really appreciated!

Thanks,

- B13

[justbroke]

You can certainly get business loans. It really depends on what your credit picture looks like, and who the lender is. I can tell you that Credit Unions are more giving than their regional/national bank counterparts. However, it will always come down to your payment history and debt/income ratios when it comes to loans.

Generally, home loans can be obtained immediately after discharge if you didn't surrender, short sell, or had a home foreclosed upon either prior to or as a result of the bankruptcy. Basically, the cleaner your credit was before filing, the cleaner it will be shortly after filing. These are important factors in credit recovery.

Now, my real question for you is... just what are you trying to do? My inkling is that you want to dabble in this foreclosure market and pick up one or more foreclosed homes as an investment tool. Depending on when you were discharged, my best advice to you may be to relax and wait a couple of more years before jumping into the debt pool again. Or, at least, stay in the shallow end for a while. Of course, that's just my opinion.

[BANKRUPT13]

Thanks for the reply....

I actually want to get a loan for business.... ive been using my 3 credit card lines .... Charging and making the payments on time.

I just wasn't sure how long it would take before banks would load me any money.... its been around 3 years since the discharge.

Best,
B13

You can certainly get business loans. It really depends on what your credit picture looks like, and who the lender is. I can tell you that Credit Unions are more giving than their regional/national bank counterparts. However, it will always come down to your payment history and debt/income ratios when it comes to loans.

Generally, home loans can be obtained immediately after discharge if you didn't surrender, short sell, or had a home foreclosed upon either prior to or as a result of the bankruptcy. Basically, the cleaner your credit was before filing, the cleaner it will be shortly after filing. These are important factors in credit recovery.

Now, my real question for you is... just what are you trying to do? My inkling is that you want to dabble in this foreclosure market and pick up one or more foreclosed homes as an investment tool. Depending on when you were discharged, my best advice to you may be to relax and wait a couple of more years before jumping into the debt pool again. Or, at least, stay in the shallow end for a while. Of course, that's just my opinion.