Backruptcy
By filing in federal bankruptcy court, an individual or individuals can restructure or relieve themselves of
debts and liabilities.
Bankruptcies are of various types, but the most common for an individual seem to be a
"Chapter 7 No Asset" bankruptcy which relieves the borrower of most types of debts.
A borrower cannot usually
qualify for an "A" paper loan for a period of two years after the bankruptcy has been discharged and requires the
re-establishment of an ability to repay debt.
Real Estate Glossary:
401K - E |
F - M |
N - V
