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Converting from a Ch. 13 Bankrupty to Ch. 7

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Htown_Cinderella
New Member

Converting from a Ch. 13 Bankrupty to Ch. 7

I am interested in buying a house again.  I had previously owned a house and filed Ch. 13 BK, but I lost the house anyway.  I disputed the mortgage company on all 3 Credit Reports and it was removed.  (I assumed that the mortgage company is no longer in business).  However, I was told that it was better for me to convert the Ch. 13 to a Ch. 7 bankruptcy.  Once it is discharged/dismissed, I will be able to make a purchase as a first time home-buyer.

 

Is this true and how long will it take?  And, I would like to know how will this conversion affect my credit?  Smiley Indifferent

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granny031350
Established Contributor

Re: Converting from a Ch. 13 Bankrupty to Ch. 7

FHA is a 2 year wait after discharge and conventional is at least a 4 year wait or longer.  3 years after foreclosure for FHA
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