Home Equity Loan After Chapter 7

Consumers may be able to close on a home loan just a couple. With a chapter 7 bankruptcy, the seasoning clock begins when the action is discharged.. Attorney didn't.. so although I have quite a bit of equity on my home.

When it comes to a getting a home equity loan specifically after a Chapter 7 bankruptcy, the primary requirement is that you need to own a home that has equity in it. How much will depend on the lender. It will also be up to the lender to decide whether or not you’re eligible for a home equity loan and what the terms might be.

You won’t be responsible for paying your mortgage after filing for Chapter 7 bankruptcy, but you’ll have to give up the house. The lien rights that allow a lender to foreclose on the home, sell it, and use the proceeds to pay down the mortgage don’t go away in bankruptcy.

Your ability to discharge a home equity loan in bankruptcy depends on two critical factors: which chapter of bankruptcy you file and the home’s fair market value. If you file for Chapter 7 protection, your chances are nil if you want to keep the property.

Refinancing Versus Home Equity Loan

A debtor can discharge the home equity loan in Chapter 7 bankruptcy but they cannot discharge it AND keep their home. However, if a debtor would like to keep their home, they may be able to file chapter 13 bankruptcy and repay both their HELOC and their mortgage over a 3 to 5 year period.

You can keep your home in Chapter 7 bankruptcy if you don’t have any home equity or you’re able to exempt (protect) your equity using the homestead exemption (discussed below). The bankruptcy trustee appointed to administer your matter won’t sell it because, without available equity, there wouldn’t be any money to distribute to your unsecured creditors.

When it comes to a getting a home equity loan specifically after a Chapter 7 bankruptcy, the primary requirement is that you need to own a home that has equity in it. How much will depend on the lender. It will also be up to the lender to decide whether or not you’re eligible for a home equity loan and what the terms might be.

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