You may be wondering if you will ever be able to purchase a home after filing for bankruptcy. Many people believe that they will never qualify to purchase a home after filing a bankruptcy. However, this simply isn’t true. After filing you can own a home, purchase a new car, or obtain credit if you wish to do so.
If you are scared a bankruptcy will prevent you from buying a house, don’t let that stop you from speaking to a bankruptcy attorney about your options. You can buy a home after bankruptcy, you may just have to wait. After filing a Chapter 7 bankruptcy there is a mandatory waiting period before you can apply for a mortgage. The typical wait to time be able to buy a home after a Chapter 7 is two years. The good news is that you can use this time to your benefit. You can use this time to improve your credit and save money for a down payment. You can and should use this time to prepare to buy a home.
While you may see a temporary decrease in your credit after filing, bankruptcy can actually help improve your credit score. Bankruptcy wipes out debts that you cannot afford to pay. It also discharges debts that are subject to collections and stops creditors from continuing to add negative information to your credit report. Most debtors see their credit score increase within a year or two after bankruptcy. This can actually make it easier to find a mortgage lender than before filing a bankruptcy.
CALL NOW FOR A FREE STRATEGY SESSION FROM AN MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM
It is not impossible to buy a home after bankruptcy. If you are dealing with an overwhelming debt problem, it is important to discuss your options with a bankruptcy attorney. If you have questions about bankruptcy and would like to do a free consultation to go over your options, visit www.lifebacklaw.com to speak with an attorney. You will be glad you did!
