I filed bankruptcy, will I ever be able to buy a home?
You might be wondering if it is possible to buy a house after declaring bankruptcy. Many people think that they won’t be able to buy a house after filing bankruptcy. This is simply not true. You can still own a house, buy a car, or get credit after filing. If you’re afraid that a bankruptcy may prevent you from purchasing a home, don’t let this stop you from talking to a bankruptcy lawyer about your options. You can still buy a house after bankruptcy. You may have to wait. After filing Chapter 7 bankruptcy, you must wait a certain amount of time before applying for a mortgage. After a Chapter 7 bankruptcy, you will typically have to wait two years before you can buy a house. You can make the most of this time. You can use this to improve your credit score and save money for an down payment. You can and should prepare to buy a house during this time. While you may temporarily see a decrease in your credit score after filing bankruptcy, it can actually improve your credit rating. Bankruptcy wipes away debts you can’t pay. It also discharges any debts that are being collected and stops creditors from adding negative information to your report. In most cases, debtors’ credit scores increase within a few months or a year after filing bankruptcy. This can make it easier to get a mortgage than before you filed for bankruptcy. Call Now for a Free Strategy Session from a MN Bankruptcy Lawyer at LIFEBACK LAW FIRMS
It’s not impossible to purchase a home after bankruptcy. It is important to consult a bankruptcy lawyer if you have a large debt. 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’ll be glad you did it!
