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
