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Bankruptcy
The Fact that a bankruptcy exists in a borrower (or spouse’s) credit history does “not” mean a VA loan can not be obtained. There are a couple different bankruptcy options. If you have filed a BK within the last 7 years of applying for a loan you will most likely have to provide all your BK papers. You will also need to reestablish a positive credit history. This is needed to show timely payments being made, but it will help also bring your credit scores back up. A Chapter 7 is a liquidation bankruptcy that wipes out most of your debts. A chapter 13 is a filing that indicates an effort to pay creditors back at usually a discount.
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