Chapter 7

I am new to the board and am currently in chapter 13, but am converting to chapter 7 in March, 03 because I can no longer afford the house and the payments are behind.

Will my chances of securing another mortgage in about 5 years be any worse since I filed the 13 and followed with the 7?

I was previously in CCCS (2 years) and couldn't afford the payments, and the balances were almost unchanged over that period. How would credit grantors view termination of the CCCS and subsequent BK?

Also, I am receiving a retirement pension and wonder whether credit is more difficult to obtain when not gainfully employed vs retired?

Any help would be appreciated!

Your ability to find lenders 5 years from now will depend mostly on your credit score, not whether you converted from CCC to BK 13, then 7.

It would help if you could get a secured credit card, use it and stay current, clean up the negative tradelines at the 3 CRA's and get your FICO score in the 650+ range, you should be OK. In fact, the earlier discharge of debts in Ch7 may actually work to your advantage regarding future credit. You'll have a head start cleaning up your credit reports vs completing a 3 or 5 year Chapter 13 plan.

Lots of people who've worked the CRA's have been able to get better than sub-prime rates after only one or two years after discharge: http://home.att.net/~AROIDIAN/jubi1.htm

Other important factors are your debt to income ratio and how tight credit is at the time you apply.

The source of your income won't matter. The fact that it's regular and dependable, as well as the amount, will be some of the the keys to finding a lender.