How soon after a chapter 7 bankruptcy and a foreclosure can you purchase a home?

Answer 1

Buy something? Sure...pay cash though. (One would have hoped that by now you would have learned you don't really buy something until you pay for it). I don't believe there is any legal or business problem with you having any asset.

Getting a mortgage, especially in the world of todays crack down on sub prime lending, will be almost impossible. certainly very expensive if you can....which is to say more than people who have a record of actually affording what they buy, and maintaining their agreements, would think is possible to pay.

So, buying assets is fine, but it's getting debt (as ignored in your question) you'll have a problem with.

Answer 2

Yes, BUT!!! FHA can be a good solution for refinance after having had a chapter 7 BK on your credit report. They require 2 years from the date of discharge for the BK and you must have reestablished some credit. Your credit file will have to be clean after the discharge.

I hope this helps and please feel free to email or call if you have any additional questions.

Answer 3

IT usally depends on the size of your business,and the laws you broke to actually get bancrupt.I hope I hope I have succesfully captured your question.If it is a small businnes it will only take1 to two years,but if it is a big bussines then it will take two to three years.

This question has been asked and answered here maybe a thousand times before, but perhaps the system here is beyond your ability, or is it you expect the answer for you is special? Your presenting yourself as not even financially informed (or maybe just basically) enough to even be able to ask what you really mean. OK one more time:

After bankruptcy you can buy anything you want. Just like before bankruptcy. And likewise before or after - you have to pay for it. (I suspect that payment idea is something your not understanding. See there really isn't any other reason for bankruptcy than because you couldn't pay for what you said you would. No, there weren't conditions on the paying for taking - like if you could, if things went the way you wanted, if you still wanted what you took....you promise to pay....and were supposed to consider how you would - even if things you didn't expect actually did happen...YOU WERE TO ANTICIPATE, or you do without...or you would become a bankrupt, similar to a liar really (not adhering to what you promised you would do) and even then force others to pay for you.

At any time, before or after bankruptcy, you can get a loan from whomever wants to give you one (there is no law against you borrowing or someone lending). Getting a loan, going in debt, is NOT buying...it is the opposite....it is not owning something - it is owing something.

You NEVER have the right to have someone else lend you money. Just like someone else can't just take what you have to get what they want. That is always the right to decide of the one with whatever it is being asked to be borrowed by someone promising to return it.

When someone will lend you money, and how much, after bankruptcy, (which remains on your credit report for 10 years at least), depends on what they determine, given information like how much you want to borrow, for what, how much you make and how reasonable it is you will continue to make it (to pay them back), how many other expenses you have (and may chose to pay before them), how you present yourself (including things like how well you seem prepared for the unexpected), how much profit is in it for them, etc.

That's all.

I think that basically calling someone stupid is not what this site is about. It appears in the question that they aren't just asking about bankruptcy but the foreclosure also. They wanted to know if there were other stipulations when a foreclosure accompanies a bankruptcy.