How Long After Bankruptcy Can I Buy A Home?

Many people avoid bankruptcy on the belief they can never get a mortgage.

That is not true.

Actually, the opposite may be true for many good folks. If you have too many debts or have a low credit score obtaining a mortgage is too difficult.

To get a mortgage you have to resolve your debt problems. Bankruptcy may be the answer, and for that you need the help of a seasoned Bankruptcy Attorneys in Illinois, who can guide you and assist you in this whole process.

If you file a bankruptcy there will be a waiting period. The time can’t begin until you file bankruptcy.

The time after bankruptcy varies depending:

  • The type of bankruptcy;
  • The causes that brought you to bankruptcy;
  • How you paid your bills after filing bankruptcy;
  • Building your credit score after filing for bankruptcy;
  • Saving for a down payment.

Neither FHA nor the VA can discriminate against a person who had filed bankruptcy.

The period to get a mortgage can vary between one and four years after the end of the bankruptcy. But, the time cannot start until you resolve your debt problems.

And, remember: credit scores usually rise after a bankruptcy discharge.

Disclaimer: Posting on legal matters is for information purposes only and is not to be construed as legal advice.

For more information on Chapter 13, call today or visit a Bankruptcy Attorneys in Illinois.


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