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How long after Bankruptcy can I look into purchasing a home?
29-Aug-2023 (In Banking / Finance Law)
My current credit score is 510. I cannot afford to pay off the debt I have and think that bankruptcy is my best bet. My biggest concern about filing bankruptcy is being able to buy a home for me and my children. how long usually after filing will i be able to start applying for a loan?
Hi.
To even be considered for a housing loan request, the bankruptcy must first be discharged. A bankruptcy discharge is an order from a court that accomplishes two important things:
It releases you (the debtor) from any liability on certain debts;
It prohibits creditors from attempting to collect on your discharged debts.
Further, on your credit report be sure to watch for debts that have already been repaid or discharged. By law, a creditor cannot report any debt discharged in bankruptcy as being currently owed, late, outstanding, having a balance due, or converted as some new type of debt (e.g., having new account numbers). If something like this appears on your credit report, contact the credit agency right away to dispute the mistake and have it corrected.
Thereby, having secured the fact that your Credit Score is above 600, you can go to secure a loan for your home.
To even be considered for a housing loan request, the bankruptcy must first be discharged. A bankruptcy discharge is an order from a court that accomplishes two important things:
It releases you (the debtor) from any liability on certain debts;
It prohibits creditors from attempting to collect on your discharged debts.
Further, on your credit report be sure to watch for debts that have already been repaid or discharged. By law, a creditor cannot report any debt discharged in bankruptcy as being currently owed, late, outstanding, having a balance due, or converted as some new type of debt (e.g., having new account numbers). If something like this appears on your credit report, contact the credit agency right away to dispute the mistake and have it corrected.
Thereby, having secured the fact that your Credit Score is above 600, you can go to secure a loan for your home.
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