If my wife and I recently filed and completed a Chapter 7 bankruptcy how soon can we purchase a home? 13 Answers as of September 18, 2014

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Ronald K. Nims LLC | Ronald K. Nims
In my practice, I've found that most couples can buy a house at reasonable interest in two years after filing a Chapter 7. You'll need to reestablish your credit. That means you have to make your payments on time to a business that reports to the credit agencies. For example, you're renting an apartment or a house, you pay utilities but most landlords and utilities don't report to the credit agencies. Car loans and credit cards generally report, so if you have a car loan, you're rebuilding your credit just by making the payments. When you filed bankruptcy, you received a swarm of car loan and credit card offers - many of these are ripoffs but you should look at them and if there is a low limit credit card with a good interest rate (in your case consider 18% a good interest rate), then apply and make the payment every month.
Answer Applies to: Ohio
Replied: 9/18/2014
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
Generally most mortgages will be available to you in 2 to 2.5 years after discharge
Answer Applies to: New York
Replied: 9/16/2014
Eranthe Law Firm
Eranthe Law Firm | Cate Eranthe
It depends. This is a question for a loan broker. Usually it will take at least 18 months to establish a new credit history. Job security and longevity also play a part. If I were you I'd set up a few meetings with mortgage brokers and find out what they will be looking for and how you can best set yourself up to succeed in obtaining a loan. If you come into money and can pay cash then there is no time limit or waiting period for your purchase. If you inherit money less than 180 days after filing then you have to let the Trustee know about it.
Answer Applies to: California
Replied: 9/16/2014
D.J. Rausa, Attorney at Law | D.J. Rausa
Wait for your discharge, then about 36 months before you attempt it.
Answer Applies to: California
Replied: 9/16/2014
A Fresh Start
A Fresh Start | Dorothy G Bunce
The bankruptcy law does not provide any guidelines that prevent people from purchasing any property after filing bankruptcy. The bankruptcy law also does not prohibit any creditor from issuing people who filed bankruptcy from financing the purchase of property. However, federal regulations and individual institutional criteria do specify when these organizations can consider people eligible for financing, and you would have to ask them, not an attorney, about their criteria. Not all operate the same way.
Answer Applies to: Nevada
Replied: 9/16/2014
    Idaho Bankruptcy Law | Paul Ross
    Most banks in our area will not consider a mortgage application until two years have elapsed since the discharge in the case. You can get around that if you have a nice deposit to put down to create equity in the home, but that is usually the only exception.
    Answer Applies to: Idaho
    Replied: 9/16/2014
    Law Offices of David H. Relkin
    Law Offices of David H. Relkin | David H. Relkin
    The simple answer is when the Chapter 7 is concluded and you receive a discharge. The more practical answer is when you can show sufficient income to support the mortgage you seek (unless you are paying cash); and show that the Chapter 7 was due to exceptional circumstances.
    Answer Applies to: New York
    Replied: 9/16/2014
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