What happens to a pending sales contract if seller files a Chapter 7?

The seller can file a Chapter 7 bankruptcy even if he is in contract to sell. The contract to sell (purchase contract) is an executory contract and the bankruptcy trustee has 60 days to accept or reject it. However, in the vast majority of cases, the property is upside down and the trustee will therefore…

I filed multiple bankruptcies. When am I eligible to purchase a house again?

Five years from the most recent dismissal or discharge date for borrowers with more than one bankruptcy filing within the past 7 years. What are multiple bankruptcy filings? This means an individual borrower has filed for bankruptcy more than one time. Two or more borrowers with individual bankruptcies are not cumulative, and do not constitute…