How soon after declaring bankruptcy can you buy property?
Aug 11, 2009
in
Bankruptcy
EJ asked:
I am in the process of filing for chapter 7 bankruptcy. My girlfriend and I are also trying to buy a house. She has all of the money for the house. We are going to pay cash. All of the debt that I am declaring bankruptcy on is mine. I haven’t used a credit card in nearly a year, but am still buried in debt.
How soon after declaring bankruptcy can I own property? We would like to put my name on the house at some point, but don’t want it to look like we have been hiding assets.
I am in the process of filing for chapter 7 bankruptcy. My girlfriend and I are also trying to buy a house. She has all of the money for the house. We are going to pay cash. All of the debt that I am declaring bankruptcy on is mine. I haven’t used a credit card in nearly a year, but am still buried in debt.
How soon after declaring bankruptcy can I own property? We would like to put my name on the house at some point, but don’t want it to look like we have been hiding assets.
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3 comments
Jim C on August 13, 2009 at 12:31 pm
a good 7 years
Dude D on August 14, 2009 at 1:44 am
The last answer was wrong. You can own property through the bankruptcy (the home you live in is generally protected) You can not apply for credit nor a home loan until the bk is discharged (usually 6 months). After the discharge you can get a federal based home loan as long as your credit score is at an acceptable level,and it has been 2 years since your Bk was discharged.& years is the time a charge off or other bad credit is allowed to stay on your credit report. (Except a bk) which stays on for 10 years,but after a few months you will start to be able to get credit again. It does not create the stigma it once did. If your totally upside down,can’t catch up and you have no way to repay the debt,then a bk may be a good choice. Speak to a credit counselor and see where you land. I hope this helps.
The Gooroo on August 15, 2009 at 8:46 am
You will have to wait until it is discharged. The time for this varies on a case by case basis.
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