I am going ot have a consult with a laywer next week but I wanted to know when our credit will be good enough again to buy a home? We also have a pending lawsuit and the settlement could be years from now. Will this effect filing for chapter 7?
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There is a wealth of knowledge in the Mortgage Forum.
I would think it would be harder now to get a mortgage because of how the economy is. They are going to be harder on approving people now.
The main goal after BK is to make sure you save money for emergencies, clean up your credit reports and start adding some new credit lines(secure card).Last edited by Cali; 05-28-2008, 04:41 PM. -
No one has a crystal ball to say exactly when your credit will be good enough again to purchase a home because it all depends on the lender and other factors involved. It takes about two years or longer after discharge to get a good handle on your credit and its rebuilding. Right now and for some time to come, it will be difficult for anyone with a BK on their record or with bad credit to get a decent mortgage. The best thing to do is get your credit in order over a period of time and do not rush by trying to get credit too quickly and accumulating many hard inquiries. Remember that BK is going to be on your credit reports for 10 years after filing for a Chapter 7 so there really is no magic bullet for many things after filing.
You need to mention that possible settlement to your attorney._________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
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