Friday, December 14, 2012

Can you qualify for a mortgage after bankruptcy?

Can you qualify for a mortgage after bankruptcy?

King and King Bankruptcy Attorneys, 12/14/12

If you’re considering bankruptcy, Chapter 7 can be a very useful option. Although it is not available to everyone - it depends on several different factors, including income - for those who qualify the discharge of debt can lead to a much more solid financial future. However, most everyone who has considered filing for bankruptcy knows that doing so does have its drawbacks, including appearing on the filer's credit report. And, some people believe that having a bankruptcy on your credit report will keep them from making significant financial transactions, such as buying a car or a home, for years.

In fact, someone who has filed for bankruptcy may be eligible for a mortgage within only a couple of years. Depending on the type of personal bankruptcy option, a filer in a post-bankruptcy financial existence may be able to pursue a government-backed mortgage in as little as 1-2 years, and a conventional mortgage in as little as 2-4 years.

There are many reasons why you may be hesitant about considering personal bankruptcy, and the subsequent lack of mortgage options could be one factor. However, when you have the right information about where you stand financially, and how bankruptcy can offer you a fresh start, you may have an easier decision to make than you thought. For a free consultation with an experienced bankruptcy attorney, call King and King 404-524-6400