2007-04-20 03:34:43 · 11 answers · asked by joker24 1 in Business & Finance ➔ Personal Finance
Read the headlines on "sub-prime" lending. The government is forcing many lenders to stop issuing these loans, which mainly go to risky borrows such as those who previously filed for bankruptcy.
It would seriously damage your credit score for the next 10+ years. You would also have to check the box "have you ever filed bankruptcy" for the rest of your life.
Bankruptcy is serious and should only be considered when you have run-away debt where you cannot get the monthly payments under control.
Bankruptcy isn't a cure-all. For many, unless you fix the underlying problem you will repeat the same mistakes again.
Good luck,
2007-04-20 03:44:12 · answer #1 · answered by Plasmapuppy 7 · 1⤊ 0⤋
Not much. My bro-in-law has filed bankruptcy three times and bought three houses in the same period.
Right now, there are lots of lending companies that will lend you money for a house even if the bankruptcy has not been discharged, possibly because they know you cannot file again for seven years, possibly because they know they can stick you with a high interest rate mortgage.
The real problem is that last year Congress passed a law making it next to impossible to file for bankruptcy, so you may have trouble doing it at all.
Good luck!
2007-04-20 03:50:57 · answer #2 · answered by mommanuke 7 · 0⤊ 0⤋
Filed bankrupcy in 1991 Purchased our house in 2000. You just have to wait until the bankrupcy is discharged and you keep your credit up in between that time frame and you will be fine!
2007-04-20 03:43:16 · answer #3 · answered by KUJayhawksfan* 5 · 0⤊ 0⤋
It would hurt your chances for a number of years. Then again, you probably wouldn't be considering filing bankrupcy if you didn't already have a credit situation that would already probably keep you from getting a mortgage.
Good luck.
2007-04-20 04:00:19 · answer #4 · answered by Judy 7 · 0⤊ 1⤋
My husband and I had each filed bankruptcy and we were able to buy a house. My bankruptcy was about 5 years ago and my husband's was about 3 years ago.
It will affect your credit score and your interest rate, but if you make the payments on time and stay on track, in a couple of years you can refinance and it will help your rate a lot.
2007-04-20 04:37:16 · answer #5 · answered by PMS 24-7 3 · 0⤊ 0⤋
regardless of the reality that i don't comprehend a lot approximately finance, i will permit you understand an uncomplicated answer: once you declare your self bankrupt, all your bills are in consequence cancelled in particular circumstances. you will possibly have extensive issues of your credit status for the years afterwards. it may impact your skill to get credit, mortgages, loans and so on. additionally, once you declare your self bankrupt, your supplies are often stripped, as a results of fact of this in case you won't be able to have adequate money to pay lenders, and you declare bankrupcy, you may desire to loose something offered with the aid of you with the intention to recuperate the bills owed. that may not constantly the case, and prefer I say, i'm not a finance guy or woman, yet i comprehend that it could have extensive effects.
2016-12-10 07:00:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Bankruptcy stays on your credit report for ten years. It will also lower your credit score. But owning a home is not totally impossible if you are willing to wait at least six years and be socked with a higher interest rate.
2007-04-20 03:39:17 · answer #7 · answered by Big Bear 7 · 1⤊ 0⤋
You should not file for a BK unless its absolutly your last option, a BK will be on your credit report for 10 years but it is filed at your County Courthouse, which means its public information. IT really never does part from you. go to www.adviceontime.com they have really good articles on dealing with credit issues.
2007-04-20 04:55:36 · answer #8 · answered by Joe 2 · 0⤊ 0⤋
I think it may depend where you live.I am in Columbus,Ohio and several ppl I know have filed and almost immediately banks and loan offices are ready to work with them.My aunt got into a rent to own no problem,just be careful...There are scams and ppl looking to take advantage everywhere!!!
2007-04-20 03:45:27 · answer #9 · answered by Allen13 3 · 0⤊ 0⤋
I don't think it will hurt. Now days people like a clean slate. I am not saying it will help but I don't thinkg it will make it worse if your credit seems to be dropping.
2007-04-26 16:51:24 · answer #10 · answered by pandorashollywood 2 · 0⤊ 0⤋