How Long After BK Can I Get A Conventional Mortgage (And Why)?

Exact Answer: After about 6 months

BK, in simple terms stands for bankruptcy, a term used by professionals to describe the procedure followed by federal courts to assist the individuals to get rid of the heavy burden of bank loans and debt. At first, the person is suggested to sell away his possessions and repay the money. If not, then you have to find some alternatives to repay the debts. Depending on the type of bankruptcy, one needs to wait for a certain time before the mortgage.

Well, the first most common type of bankruptcy is liquidity which is mostly used by individuals with no scope or source to help them repay their loans. Whenever someone chooses to go through Chapter 7 bankruptcy i.e. bankruptcy, he/she needs to sell everything he owns except which are protected by laws of the state to clear his debts. This allows the individual to have a new beginning.

How Long After BK Can I Get A Conventional Mortgage

How Long After BK Can I Get A Conventional Mortgage?

Type of loanTime
Chapter 74 years
Chapter 132 years

There is another popular type of bankruptcy i.e. chapter 13. When one wishes to go through this type of bankruptcy, he/she has to give any one of his/her assets and pay the loan. After the clearance of the debts, the asset would be returned to the individual. The person desiring to fill this must have an income source that helps him feed himself daily.

It basically involves a process in which an individual has to devise a proper financial plan which would help him get rid of his debts. The court at maximum gives a time frame of 5 years during which the individual has to repay the loans by the medium of a trustee. The trustee protects the individual from any kind of actions by the creditors that would trouble the individual. After the fixed time of repayment, the person is set free from any kind of debt.


When a person is sunk in the ocean of debts, he/she is going to face countless problems while getting approval for a mortgage. Mortgage after bankruptcy seems quite impossible but with proper guidance and steps, it can be made easier for the individual who had run bankrupt. The negative impression left back by bankruptcy on an individual’s financial possessions gradually decreases with time and hence he/she can try to get a mortgage plan after bankruptcy.

Whenever an individual creates a bank account, the bank starts keeping an account of his/her credit score. Credit score can be increased if the person abides by all the laws of the bank and doesn’t run bankrupt. But, bankruptcy can affect the credit score of the individual thereby affecting his/her profile at the bank. While liquidity leaves traces on the credit profile for about 10 years, chapter 13 leaves traces for about 13 years. The person with a good credit score has more chances of getting approval for any kind of loan or mortgage within a short span of time.

Why Should I Wait For So Long To Get A Conventional Mortgage After BK?

The time for which you have to wait for getting the approval of a conventional mortgage after bankruptcy depends on the waiting period of the individual. The waiting period is counted from the next day after the day when you have finished the job repaying all your debts. It is the day from which you have to start afresh to be able to clear all the debts and again has to act with a sense of financial responsibility. The time period which you have to wait also depends on how long after the bankruptcy are you waiting for approval.

If you had gone through chapter 13 type of bankruptcy, then you first need to ensure whether your debts were dismissed or discharged. If your debts were discharged, then you are going to have a short waiting period after which you can get a mortgage. In case, you weren’t able to clear your debts within the time frame fixed by the court and your debts were considered to be dismissed, then the credit score of your profile would be very low and you would have to wait longer than others.


Generally, bankruptcies of the chapter 7 type are not in the account after 10 years of the date of filing. On the other hand, bankruptcies of the chapter 13 type are not in the account after 7 years of the date of filing. You have to wait for this period to end before you can get your appeal for a mortgage successful. During this period, the bank would be keeping eyes on your credit score which would either increase to help you get your mortgage faster or fall to bring you misfortune. The longer the waiting period, the more chances of getting the approval.


The kind of mortgage you wish to undertake also decides the waiting time. In case you wish to go for a conventional mortgage, then you need to wait for at least 7-8 years after getting your valuables released from bankruptcy. The conventional mortgage plans get approved within 2 years. Well, if there was an exceptional situation that forbade you from clearing the debts, then you can contact the bank and get your waiting period reduced by at least one year.

One should take certain precautions while applying for a conventional mortgage to get its approval within a short time. Owning a credit card and paying the bills timely can help in regaining the lost credits back. On getting the lost credits back, one can get approval within a short time.



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Hi! I'm Nidhi.

Here at the EHL, it's all about delicious, easy recipes for casual entertaining. So come and join me at the beach, relax and enjoy the food.


  1. The article gives a detailed overview of the impact of different types of bankruptcy on the credit profile and waiting period for mortgages. Crucial information for individuals in these situations.

  2. This post clearly outlines the impact of bankruptcy on credit scores, which is important information for individuals.

  3. The distinction between discharged and dismissed debts in chapter 13 bankruptcy is crucial. Clear explanation.

  4. This post is more confusing than helpful. I’m still not sure how long I have to wait to get a mortgage after BK.

  5. The waiting period for mortgage approval after bankruptcy is the most frustrating part. This post makes it clear why the time frame differs.

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