Bankruptcy laws help people who can no longer pay their creditors by allowin them to liquidate their assets and pay their debts or through a repayment plan.
Bankruptcy requirements for VA loans are different for Chapter 7 and Chapter 13. Veterans and Active Duty Personnel can become eligible for a VA home loan after 12 months of on-time payment with a chapter 13 and 2 years after discharge for a chapter 7.
See How to get a VA home loan after a bankruptcy for more information.
