Chapter 7 and Buying a House

October 10, 2009

One of the biggest concerns for people contemplating filing for a Chapter 7 bankruptcy is the possible effect bankruptcy may have when purchasing a home in the future. Most people think that a Chapter 7 bankruptcy will keep lenders from approving a home loan. But in reality the opposite is true.

What is Chapter 7 bankruptcy?

When you file for Chapter 7 bankruptcy all collection efforts by creditors must stop under federal bankruptcy law. What this means is that creditors must end all liens on your paycheck, foreclosures and repossessions.

How soon after wards can I buy a home?

Most people qualify within1-2 years. Some factors that mortgage lenders will consider most important at the time you apply for a home loan will be your job, current credit status and down payment.

How to file

Consult with an experienced bankruptcy attorney in your area. A skilled bankruptcy attorney will be able to discuss fees associated with filing and handling your case.

If you want to speak with a bankruptcy attorney regarding your options, contact Fears | Nachawati toll free at 1.866.705.7584 or by e-mail at info@fnlawfirm.com for a free consultation. 

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