Can I buy a home or vehicle after filing Chapter 7 Bankruptcy in Minneapolis, MN?
The answer is yes! When I am asked this question, I often respond with another question: Can you get a home loan or vehicle loan now without a co-signor or paying high interest? You see, here is the thing, future lenders don’t care about you paying your current debts. What future lenders really care about is are you going to pay them? This is the game. This is why you see dealerships and other lenders advertise things like, “filed bankruptcy?” “No problems”.
The reason they do this is the lender knows if you filed a bankruptcy, you cannot file again for a while and the chances of them getting paid are much better after you file the bankruptcy because you are no longer servicing all the debt discharged in bankruptcy.
In my opinion, filing bankruptcy improves your credit profile because you go from a position of overwhelming debt, often times, to no debt at all. If you were paying $900 per month to service old debt and now, you no longer are paying that money out each month, you have $900 you are able to spend on something else.
Part of the policy behind bankruptcy is we don’t want consumers bogged down in debt because if you are, you don’t consume! On the other hand, if the debt is gone, you have the ability to consume that is good for the economy. Makes sense right?
The typical wait times to be able to buy a home after a bankruptcy discharge are 2 years. As to vehicle purchases, most clients are able to purchase/finance vehicles as soon as you receive a discharge in bankruptcy.
CALL NOW FOR A FREE STRATEGY SESSION FROM A MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM
When the time is right, or when you are ready, reach out to Minnesota’s most kind and helpful bankruptcy law firm by going now to www.lifebacklaw.com. You will be so thankful you did.
