It’s technically possible to get any type of mortgage loan after a bankruptcy. If you have a Chapter 13 bankruptcy, there’s no waiting period at all after a court dismisses or discharges you. FHA loans also have looser requirements compared to other types of government-backed loans.

Do I have to include my car in Chapter 13?

In Chapter 13 bankruptcy, you are allowed to keep all of your property including your nonexempt assets. The Chapter 13 trustee does not sell your property to pay your creditors. In return, you pay back a certain amount of your debts through a repayment plan. This means you can keep your car.

What can I do if my car is totaled in a chapter 13?

If you total your vehicle while your Chapter 13 is open, you may be able to modify your bankruptcy plan so that you surrender your totaled vehicle to the bank rather than continue to make payments on the vehicle. However, bankruptcy courts often will not allow you to modify your plan once it has been confirmed by the court.

Can you surrender a vehicle under Chapter 13?

While Chapter 13 gives you tools for holding onto a vehicle, it also can enable you to surrender that vehicle without paying its debt. Our last several blog posts have been about situations in which secured debts can be turned into unsecured debts.

When to discharge a car under Chapter 13?

In contrast, in a Chapter 13 case the discharge only happens at the end of the payment plan. That’s almost always between 3 to 5 YEARS after you file the case. The vehicle lender can’t try to collect the debt in the meantime.

Can You repossess a car if you file Chapter 13 bankruptcy?

If you’ve already filed for Chapter 13 bankruptcy, a car lender can’t repossess your car. In some cases, you can even get a car back if the lender repossessed it shortly before you filed for Chapter 13. (To learn more, see Car Repossessions and Chapter 13 Bankruptcy .)