When can a person buy a house after filing for bankruptcy?

Answer 1

It is possible to buy a home after filing and/or completing bankruptcy. Some companies supposedly have programs that allow 100% financing a day after discharge date or 2 years from filing date. You must also meet other guidlines but to determine if you qualify.
If you have filed bankruptcy because you cannot afford to pay your debts, a lender will not loan you money to purchase a house and it just doesn't make sense. You cannot continue to acquire assets while your assets are frozen and in the possession of the trustee in bankruptcy in a bankruptcy proceeding.

Answer 2

No You probably mean can you get a mortgage. That is at every lenders discretion. In todays mortgage and lending market...it is almost impossible to get a loan with any blemish on your credit, and BK is a biggie! You would clearly have to have a very sizable downpayment....and secure income, well sized for the mortgage...etc., etc. New mortgage, new debt, an obligation to pay as agreed? You can understand by your history why it would be tough. If possible at all, you would have to expect that you would pay a very high interest rate, likely making it something even people with stronger financials and ability wouldn't consider --- and following their lead as to what to do, something you shouldn't either.
If your in C-13, you cannot do anything financially without the Courts approval.

Answer 3

yes, with cash. For a mortgage, you'll probably have to wait 7 years. yes, with cash. For a mortgage, you'll probably have to wait 7 years. You can buy anything you want. You probably mean can you get a mortgage. That is at every lenders discretion.

New mortgage, new debt, an obligation to pay as agreed? Well, real tough - not impossible and certainly may depend on your downpayment. Especially with the concerns over subprime lending in todays market (which you by being in BK more than likely would be under most any view). You would have to expect that you would pay a very high interest rate, likely making it something even people with stronger financials wouldn't consider. In todays credit environment in particular...really, no way.

if you filed C 13 make sure you discuss anything your doing with the BK trustee. Entering into a refinance or any financial contract without his explicit approval will end BK protection, and is sometimes prosecuted as fraud. Certainly, if it means you would have less disposable income to use toward your outstanding debt, he would have rightful objections.

And consider....your in (or just out) of BK, presumably because you have more debt than you can pay, and you haven't been able to handle finances very well.....you cannot borrow you way out of debt, but even after clearing that in BK, you can sure find yourself in it, well over your head, again. Frankly, that you can ask what you have indicates your not yest understanding well.

Answer 4

You need to find both financial and legal advice.

This would be a poor financial move. And obviously, you have creditors that have a claim on any money you would use to buy the house, that you should be paying first.

If your near BK it's unlikely your credit is great, getting a mortgage, especially with the turmoil in the mortgage industry, will be virtually impossible and terribly expensive.

You apparently don't understand that BK involves everything you owe and everything you own. And may not protect any transactions you have done in the last few years. The house would become part of your bankruptcy and taken to pay debts.

Answer 5

Yes, you can buy a house for cash after filing for bankruptcy. The only issue is as to where those funds came from. If they were part of your estate at the time of filing and not disclosed, then you will have a problem.

Answer 6

Yes, but if you are still under a chapter 13 bk, you would need the court's permission. In any case, whether you would be able to get financing to purchase a home after filing bk- that is a whole other issue.

Answer 7

Yes, you can buy a home after filing for bankruptcy. The question is going to be whether or not you can obtain financing. If you can wait 2 years after filing, you will have a better chance of obtaing a decent loan at a decent interest rate.

Answer 8

You are not supposed to sell any property after you file bankruptcy. Those assets can be used to pay your creditors.

Answer 9

Now. Go on and live a little. Good luck.