If I file Chapter 7 bankruptsy will i ever be able to own anything if so how soon?

Question

such as cars, house, credit cards,etc.

Answer 1

Yes you will. You'll start getting offers to buy cars before it's even discharged.

Buying a home, you'll get terrible offers until at least 2 years have passed since discharge. After that, you should be able to get good rates. IF, and ONLY IF, after you are discharge, you take the necessary steps to rebuild your credit.

Meaning, get a small secured credit card and never miss a payment, and use it sparingly. Ideally, you'd want an installment loan, like a car loan, which will help your credit rating as well.

And lastly, 2-3 months after discharge, go to annualcreditreport.com, get your free copy of your report, and make sure that all the people you discharged are showing a 0 balance. 90% of reports need to be cleaned up after a BK, most people don't do it until they're shopping for a home. It needs to be done much sooner than that.

Answer 2

First, the bankruptcy stays on your credit report for 10 years (not 7) but it doesn't absolutely mean you can't own anything. If you have a house and car, these are still yours even if you file chapter 7, as long as you make the payments. Most states have some kind of non-profit consumer credit counseling organization who can advise you on your options and tell you the details about the consequences either way. See the link below for one example.

Also, BEWARE of credit card companies, car dealers, and others who start offering you credit (mostly at outrageously high interest rates) right after a bankruptcy. They know you can't file again for 7 years so can force you to pay what you owe them.

Answer 3

Yes you will, as a matter of fact as soon as your bankruptcy is complete you will immediately get credit card offers in the mail. The rate might be a tad high, but not that much. The reason they will send you the credit card applications is because they know that you can not file another bankruptcy for a long time.

Most lenders will allow a person to purchase a home approximately one year after the foreclosure. Again the rate might be a tad higher but the loan and loan programs are there available for you to use. It beats rent no matter the mortgage rate because mortgage interest is a tax deductible item where as rent only fills the land lords pockets. (Check with your tax adviser for all tax advise.)

You have to be careful, protect your credit and make sound financial decisions. Never buy things on the spur of the moment. They will be there the next day so sleep on it and if it is still a pressing thing that you will die if you don't have it, then it might be OK, but if you will not die because you don't have it you might want to pass on it and safe for it.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 4

You can get a Capital One credit card after the case has been discharged, which is usually a few months after you file. You're credit will be bad for around 3 years, but never be late on the card and within 5 years you'll have excellent credit again. You can even buy a car pretty soon through one of those "buy here, pay here" places but the payments will be weekly and the rates high. It takes TEN years for it to be removed from your record completely. Some banks won't lend to you because of the BK for at least 7 years, but most will after 5.

Answer 5

Bankruptcy will stay on your credit for 10 years, the first 7 of which your specific debts will be listed, the last 3 will just show bankruptcy. Shouldn't take long for you to be able to get car, credit cards etc, but you will pay a higher interest rate. Creditors like people with bankruptcy because they can get more in interest and they know that you cannot file another bankruptcy for 10 years so any debt you rack up they will be able to collect. Also, they know that many people who have filed bankruptcy can be a good credit risk because they are focused on creating good credit - either way, the creditors win.

Answer 6

Once a bankruptcy is discharged you can own what ever you wish. If you mean who will extend credit - that depends. There are some mortgage lenders who will offer credit at a higher interest rate within 6 months of the bankruptcy depending on the loan amount and how much you can afford to put down on the property. Usually you can qualify with many lenders 24 months after BK if you do not acquire bad marks on your credit in that 24 months. There are also rent to own options available in many cities, just be sure to seek legal advice before entering into a agreement. If you wish to obtain a credit card there are companies that will extend credit on a secured card. Example: you send them 200.00 and they open you a line of credit with the 200. Typically within 6 months they will increase your credit line if show that you can make payments on time. After 12 months they may return you money or increase your credit line if you remain in good standing. Automobile loans vary. There are auto dealers who lend money for vehicles rather than outsource the funding. They can loan you the money but it will be at a higher rate. It is not that hard to get credit but you pay in higher rates for your sub standard credit rating. After 24 months of good standing your credit score will improve greatly and you should be able to qualify for better rates. Just be careful and seek advice prior to transactions.

Answer 7

depends most credit card companies will issue a credit card cause you have no debt. But the interest rate will suck bad. But really it will harm your credit for 7 yrs. Then you will have to build it back up.

Answer 8

The bankruptcy should be off your credit report in 7 years so after that it should be OK