Bankruptcy
Bankruptcy
It is a leagally declared inability of an individual or organization to pay their creditors. Bankruptcy is filed in a Federal Court. Bankruptcies are of various types. The most common one however, is the 'Chapter 7 No Asset' bankruptcy which relieves the individual/borrower of his debts and liabilities. The borrower remains ineligible for an 'A' paper loan for a period of two years after the bankruptcy has been discharged. He is also required to re-eatablish the ability to reapy debt.
Find Mortgage Rates
National Rates
| Loan Type | Today |
|---|---|
| 30 yr fixed |
5.03 |
| 15 yr fixed |
4.58 |
| 5/1 ARM | 3.99 |
Rates may contain points
