Difference between dismissed and discharged?
With dismissal what’s the time that you have to wait vs. discharge? Thanks in advance
Dismissal is basically voiding the bankruptcy case. It doesnt exist and creditors can make their claims again, including foreclosure on your home.
Discharged is completion of the bankruptcy. A trustee is assigned to your chapter 13 case and approves a payment plan which can last
up to 5 years. When all payments are made, the case is discharged.
This is for chapter 13, not chapter 7. A Chapter 7 case usually can be discharged
in 3-6 months.
With Chapter 13, you can usually get a mortgage 1 year after discharge. Chapter 7 usually 2 years after discharge.
Hope this helps. Im only familiar with Chapter 7. Start to finish was about 5 months. Kept my house, but discharged 1st and second mortgage, but kept paying on the 1st to stay in the house.