Will my credit be affected so badly that I won't be able to buy a house? 13 Answers as of August 31, 2015

Will I be able to buy a house after I file for bankruptcy?

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Tokarska Law Center
Tokarska Law Center | Kathryn U. Tokarska
Happy to report several of my clients purchased a home just 36 months after filing bankruptcy.
Answer Applies to: California
Replied: 8/31/2015
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Yes. It normally takes about 18 months after the BK to get qualified for an FHA loan, maybe less. There is life after BK! Good luck!
Answer Applies to: Colorado
Replied: 4/15/2015
Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
For most people who file bankruptcy there is a drop in credit score for a time, and then they are able to begin to rebuild their credit. You should be able to qualify for a mortgage loan within two or three years after receiving a chapter 7 discharge.
Answer Applies to: Colorado
Replied: 4/15/2015
Michael J. Duggar, P.A.
Michael J. Duggar, P.A. | Michael J. Duggar
Depending on your employment, I usually advise my clients that it takes 2-3 years to reestablish credit after a bankruptcy, but I have had clients purchase houses within a year of their bankruptcy discharge. Best wishes!
Answer Applies to: Florida
Replied: 4/15/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Buying a house is entirely up to the lender. There are many factors involved. It is impossible now to answer that question.
Answer Applies to: California
Replied: 4/20/2015
    EDWARD P RUSSELL | EDWARD P RUSSELL
    Yes although the mortgage companies will want 2 to 3 years to go by from the date of the filing.
    Answer Applies to: Minnesota
    Replied: 4/14/2015
    Law Offices of Daniel J Winter
    Law Offices of Daniel J Winter | Daniel J Winter
    Yes, After a few years, your credit will rise and the FHA lenders may finance you on a house. It does depend on your entire situation, too.
    Answer Applies to: Illinois
    Replied: 4/14/2015
    Ronald K. Nims LLC | Ronald K. Nims
    If you re-establish your credit by making your payments on time after the bankruptcy; you'll be able to buy a house after two years?
    Answer Applies to: Ohio
    Replied: 4/14/2015
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    You are mortgage worthy 2 years after bankruptcy.
    Answer Applies to: New York
    Replied: 4/14/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    How long after the bankruptcy do you plan to buy the house? It's rarely impossible to get credit after a bankruptcy, so long as you qualify otherwise (i.e. have a down payment, good earnings, etc.), but the sooner after the discharge you apply for a mortgage, the higher the interest you are likely to have to pay. People who feel they urgently need to buy real estate soon after a bankruptcy discharge often pay the high interest rate for two years or so, and then apply to refinance on better terms once they have shown a pattern of timely payments. Good Luck.
    Answer Applies to: Wisconsin
    Replied: 4/14/2015
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    You will not be able to walk out of bankruptcy and immediately be able to finance the purchase of a house, but with a good job and the right amount of effort, you can repair your credit and probably find a mortgage company to lend to you in as little as a year after your bankruptcy winds up.
    Answer Applies to: Nevada
    Replied: 4/14/2015
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