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Enter Mortgage Amount: Enter Mortgage Interest: % Enter
Mortgage Term: 1 year 2 years 3 years 4 years 5 years 6
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Your Monthly Payments:
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Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments, offs, and debt collection activities. Both also provide exemptions that allow people to keep certain assets, although exemption amounts vary among states. Note that personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. And unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or lien on it.
Being declared bankrupt or choosing to take an IVA does not necessarily prevent you from taking out or maintaining a mortgage loan. Many lenders will now consider a mortgage after bankruptcy or an IVA. In each individual situation, lenders of sub prime mortgages will impose specific criteria and conditions. For instance, some will require a bankruptcy to have been satisfied from some years. The sub prime mortgage market is competitive, but variety does exist between lenders.