Jun 19, · Most lenders will require you to wait five to six years before your application for a new home equity loan can be approved. In some cases, you might find a lender that’s willing to issue you a home equity loan as soon as three years after the discharge of Author: Kenny Zhu. It is also sometimes used mistakenly to refer to a “home equity loan.” A home equity loan is different from a HELOC; it is a loan received in full, up front and paid back by fixed, scheduled payments. The HELOC in a Chapter 7 Bankruptcy In a Chapter 7 bankruptcy, the bankruptcy trustee liquidates unsecured assets to Author: Kathleen Michon, Attorney. Jul 19, · Getting approval for any type of credit after a bankruptcy is challenging. However, with the right combination of bankruptcy seasoning and steps to rebuild your credit, you can look for a home.