Will I ever be able to own a house if I file for bankruptcy? 19 Answers as of February 15, 2011

Will I ever be able to own a house again if I file for a form of personal bankruptcy? Thank you.

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Diana K. Zilko, Attorney at Law
Diana K. Zilko, Attorney at Law | Diana K. Zilko
Many people are able to own a home again after a bankruptcy. The key is planning, saving your money, and improving your credit score.
Answer Applies to: California
Replied: 2/15/2011
Steven D. Keist, Attorney at Law
Steven D. Keist, Attorney at Law | Steven D. Keist
Yes, you will be able to own a home once again.
Answer Applies to: Arizona
Replied: 2/15/2011
Stuart Jon Bierman  Attorney at Law
Stuart Jon Bierman Attorney at Law | Stuart Jon Bierman
Yes, provided that you meet the standard criteria. For example, you would need to have a suitable work history, income, and good payment history on your post-bankruptcy financial obligations, etc. It would also help if you have a sufficient down payment. You might need a co-signor depending upon a few factors and you might need to shop around for a lender but in time you should be able to find a lender if the other factors are favorable. I hope things work out well for you and that you benefit from a fresh start.
Answer Applies to: New Jersey
Replied: 2/14/2011
Uriarte & Wood, Attorneys at Law
Uriarte & Wood, Attorneys at Law | Robert G. Uriarte
yes you can rehabilitate your credit and get to the point where you can buy a house. I have had former clients qualify as early as a year and a half after their discharge.
Answer Applies to: California
Replied: 2/14/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Lots of people have owed houses after filing for bankruptcy in the past. It depends on your income and what you have done since you filed. What the future holds, no one knows.
Answer Applies to: California
Replied: 2/14/2011
    Greifendorff Law Offices, PC
    Greifendorff Law Offices, PC | Christine Wilton
    Yes
    Answer Applies to: California
    Replied: 2/14/2011
    Judith A. Runyon, Esq. Attorney at Law
    Judith A. Runyon, Esq. Attorney at Law | Judith A. Runyon
    Yes, as long as you have a job and no debt!
    Answer Applies to: California
    Replied: 2/14/2011
    Ferguson & Ferguson
    Ferguson & Ferguson | Randy W. Ferguson
    Yes. It will take 7-10 years to get credit back to normal.
    Answer Applies to: Alabama
    Replied: 2/13/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    It is easier than most think to own a house after a bankruptcy.Many ways to do it, but the best is to simply save up income, wait a few years (after your creditor has repaired itself - sometimes 3-4 years later) and then start looking for that home.If you can afford it based on your income, then you should be able to buy it.
    Answer Applies to: California
    Replied: 2/13/2011
    William C. Gosnell, Attorney at Law
    William C. Gosnell, Attorney at Law | William C. Gosnell
    two years after the discharge FHA will give you a mortgage assuring you are qualified. private creditor will require you to wait 10 years
    Answer Applies to: Tennessee
    Replied: 2/13/2011
    Law Office of Larry Webb
    Law Office of Larry Webb | Larry Webb
    Yes, it will take a minimum of two years under today's lending policies. The number of people in foreclosure and bankruptcy is record setting. You must keep in mind the spokesperson for your present lender is tasked with getting money out of you. The collectors will lie to you.
    Answer Applies to: California
    Replied: 2/13/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    Yes. As soon as the bankruptcy case is closed you can start to rebuild your credit. Normally your Chapter 7 case is closed about 90 days after filing. You will receive credit card offers after you get your discharge. Assuming you have adequate income to qualify for credit cards, you should have good credit within 2 to 3 years and will then qualify for a conventional mortgage 3 years after filing for bankruptcy. The fact that you filed a Chapter 7 case will appear in your credit history for 10 years but that does not mean you cannot have credit again very soon after you get your discharge.

    It takes longer to have credit again if you filed a Chapter 13 because you are in bankruptcy for 3 to 5 years while you make the payments required by the Chapter 13 plan and you are not supposed to use credit during that time without court or trustee permission. However, Chapter 13 remains in your credit history for 7 years after filing the case. Your income is what will really determine your ability to buy a house assuming you rebuild your credit after the discharge. Those days of made up incomes and fictional loan applications with profitable businesses and other income sources exaggerated or invented where practically anyone willing to lie directly or through a mortgage broker was qualified for large mortgages and unlimited credit cards are over (at least until everyone forgets what happened and history repeats itself in a similar but never identical way).
    Answer Applies to: California
    Replied: 2/13/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    Of course you will, assuming you can afford to pay for it. I believe the real question you are asking is whether your credit score will prevent a bank from lending you money to purchase a home. This of course depends on a number of factors that have nothing to do with bankruptcy. A bankruptcy will be on your credit record for 10 years from the date it is filed, but you can start rebuilding your credit almost immediately after filing your case (particularly in a Chapter 7 case). Your job status and income level will have at least as much bearing on being able to purchase a home as your credit score.
    Answer Applies to: California
    Replied: 2/12/2011
    Sussman & Associates
    Sussman & Associates | Mitchell Sussman
    Yes.....
    Answer Applies to: California
    Replied: 2/12/2011
    Gresham Family & Bankruptcy Law
    Gresham Family & Bankruptcy Law | Lillian Suelzle Watson
    The lender is the party decides whether they will loan money to you in order to purchase a home. This depends on various factors such as if you have a dependable job, what your other debts and bills are, how much of a down payment you have when you purchase a new home and the condition of the home itself. Bankruptcy is a blemish on your credit history, but it is not the only factor in obtaining a home loan. Time is also a factor and how you rebuild your credit. Get back on your feet, save for a down payment and manage your new bills and obligation in a responsible manner. These are all factors that will help you achieve the goal of owning your own home- simply put, bankruptcy by itself will not prevent you from purchasing a home again, but the other factors are very important so that you will be ready to purchase a home in the future.
    Answer Applies to: Oregon
    Replied: 2/12/2011
    Law Offices of Michael J. Berger
    Law Offices of Michael J. Berger | Michael J. Berger
    Yes. Many of my clients purchase homes after they have filed bankruptcy. Most of my clients have better credit scores one year after they file bankruptcy than they had before they filed bankruptcy. This is because bankruptcy discharges debt. After you receive your discharge, your credit report is updated to reflect that debts that you previously owed have been discharged in bankruptcy
    Answer Applies to: California
    Replied: 2/12/2011
    Law Office of David P. Farrell
    Law Office of David P. Farrell | David Farrell
    It sounds like you're worried about the effect filing bankruptcy on your credit report. The bankruptcy will be reported on your credit report for 10 years. However, you should be able to begin rebuilding your credit within a year or two of the filing. Getting a home loan may be difficult in the short term if you're trying to finance the purchase yourself, and could make getting financing difficult or impossible during the reporting period. Obviously, filing bankruptcy is a decision that has lasting financial effects. Consult with an experienced attorney and get all the facts before you file.
    Answer Applies to: California
    Replied: 2/12/2011
    Apple Law Firm PLLC
    Apple Law Firm PLLC | David Goldman
    Sure. You are probably asking will I be able to qualify for financing after bankruptcy. Depending on the type of bankruptcy you file and how you pay your bills, you will begin do develop credit in the future. Gradually, your credit score will increase and you will can qualify to purchase a home on credit
    Answer Applies to: Florida
    Replied: 2/12/2011
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