Bankruptcy Chapter 13 Repayment has been completed If the repayment plan has not yet been completed or was completed within the most recent 12 months must meet the credit exception criteria below. The circumstances that caused the credit problems were temporary in nature, beyond the applicant's control, and the circumstances have been removed and resolved for the 12 months prior to application. Examples include a temporary loss of job, delay or reduction in benefits, illness, or dispute over payment for defective goods or services. The loan will significantly reduce the applicant's housing expenses, which will result in improved debt repayment ability. A significant reduction in housing expenses would be 50 percent or more. Bankruptcy Chapter 7 3 years from discharged date Less than 3 years but not less than 12 months may be acceptable if the applicant meets the credit exception criteria below. The circumstances that caused the cre...
