How long after you file bankruptcy can you usually start getting approved for things again, namely a house?

Answer 1

This varies depending on the agressiveness of the loaner. Since you are unable to file for bankruptcy again until at least 7 years has passed since your last bankruptcy, some loan institutions actually see this as a positive! Any debt you incur with them cannot be written off with a bankruptcy for at least 7 years from your last. This makes their financials look pretty secure for the short term, and many times short term is all they need to lure potential stock investors. The more established loaners that are not concerned with gaining more investors usually are not so lenient.

Try starting with some secured cards. Also take advantage of those offering you credit cards, even if the rate is high, just to reestablish your credit. The key is to only charge what you can pay off in three months. Do not pay it off faster than that though, as the positive credit marks build up more on revolving payments, and three is usually the point where you establish this. Creditors are actually not impressed with someone who charges, and then pays off the entire balance each month because the creditors do not make interest this way.

Answer 2

Chapter 7 or Chapter 13?

Actually, there are loan programs that will get you approved for a home loan ONE DAY after a chapter 7 bankruptcy is discharged.

And there are some programs that will help you get approved for a home loan even while you are still in a Chapter 13 bankrupcy.

You might not get the bast interest rate offered to the public, though.

A bankrupcy, and all of the related debt, can stay on your credit report for as long as 10 years.

Probably depends somewhat on the laws of the State in which you filed, or plan to file.

Answer 3

With some lenders, as long as your bankruptcy remains on your credit reports you will be denied credit.
Time will heal.

Mortgage companies are pretty forgiving when it comes to lending money to someone who's filed bankruptcy. In fact, after bankruptcy, it's actually easier to get a mortgage on a new home than get approved for an unsecured credit card.

As long as your middle FICO credit score is 580 or above you will qualify for mortgage financing with no money down...just maybe not at the interest rate and terms you want. (This assumes you haven't had a foreclosure in the last 24 months and you have a good payment history since your discharge.)

To get better terms and a lower interest rate, you need a higher middle credit score. A middle score of 600 will give you a lower interest rate and better terms. (This assumes you haven't had a foreclosure in the last 12 months.) A middle score of 620 or above opens up even better options once you have two years after discharge.

Answer 4

Probably right away. Guess what now that you filed bancruptcy you don't have any debt and you can pay your house note really easily. It may depend on if you filed chapter 7 or chapter 13. I don't know how the new laws will change this. Call a bankruptcy lawyer and ask to know for sure.

Answer 5

usually takes about 7 years until your credit begins to turn to normal. although they passed a new law a few years ago that make it harder to file for bankrupcy because of this fact. alot of younger people (believe it or not very smart people) would buy all kinds of things they couldnt afford then file bankrupcy. well the old law never went back to collect the things they bought so they got all this "cool new stuff for free" and then 7 years later they did it again or just started from scratch. now they take your stuff back and they may have added a few years tot he 7. it should still be 7 though

Answer 6

House - Fannie Mae/Freddie Mac requirements 2 years

Cars - Some dealerships will finance you a car once you get a discharge at a high interest rate (18%+)

Credit Cards - Usually 6 months

Answer 7

You can get loans while your in Bankruptcy. It depends a lot on weather you filed Chap. 7 or Chap 13, but I know that in a Chap. 13 you can refinance while your still paying the Chap. 13 settlements.

Answer 8

7 Years but if u have good job u can get right away, Along u are working have good paid job u can get mortage right away, i know alot people who want bankruptcy and one year later they find a good job or open a bussiness , along they see u are make money they give u loan.

Answer 9

They say 7 years but my sister in law filed and they started sending her credit cards right away so maby sooner because your debts are gone

Answer 10

this should have been explained to you by your bankrupt lawyer..it use to be seven years... and that is what it took...