Among the many benefits to filing a Chapter 13 is the possible five-year deferment of all student loans. In some cases, filers are not required to make student loan payments. In turn, this five-year deferment allows some filers to increase their disposable income while paying only for their essential expenses (vehicle and home payment).
Chapter 13 does not preclude filers from qualifying for new mortgage or auto loans. In fact, FHA rules allow a lender to consider approving an FHA loan application from a borrower who is still paying on a Chapter 13, but only if those payments have been made on time for a year. Auto loans may be approved as soon as the Chapter 13 is confirmed which takes up to 4 months in most cases.
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