Additionally, the lender must document that the borrower's current situation indicates that the events that led to the bankruptcy are not likely to recur. A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower's payment performance has been satisfactory, In addition, the borrower must receive permission from the court to enter into the mortgage transaction.
It all depends, If you filed a chapter 7 or 10. in any case one of the major purposes of bankruptcy legislation is to afford the opportunity to a person hopelessly burdened with debt to erase his or her debt and thereby get a fresh financial start. A bankrupt's debt is erased when he or she is discharged. The debtor is discharged 3 - 5 months after bankruptcy is filed. At that time all debts (with some exceptions) are written off.