Based on these differences, you can probably guess which type of filing would hurt you the most. In general, buying a home after a chapter 13 bankruptcy is easier than with a Chapter 7 filing. That’s because the consumer is taking responsible steps toward repaying the debt.
Yes, you can buy a car after bankruptcy. image source: flickr User Kevin. chapter 7 bankruptcy is a means to get significant debt relief but after you get your discharge, it’s time to get busy rebuilding your credit and ensuring you make the most of your fresh start.
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The ability to buy a home after your Chapter 7 bankruptcy has been discharged depends on a number of factors. In some cases, it may actually be possible to do so almost immediately after Chapter 7.
MOST PEOPLE CAN GET A HOUSE OR APARTMENT ABOUT 3 MONTHS AFTER BANKRUPTCY. Shelter and food are the most basic necessities for human life. Nowadays landlords will often check credit history when people apply to rent a house or apartment, so prospective landlord will know about any bankruptcies.
Once you have achieved a Chapter 7 bankruptcy discharge, it is time to look forward, where you’ll see opportunity ahead. You will be free of the burden of unmanageable debt – but will also face the challenge of a lower credit score. If buying a house after Chapter 7 bankruptcy is your dream, this is a potentially achievable goal.
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Q:Hello. I’m recently seperated from my husband and had to file for Chapter 7 bankruptcy. How long will it take before I am able to buy another home? I got my discharge papers last year in November.
Bankruptcy and Your Credit Score. A Chapter 7 bankruptcy can stay on your credit report for up to ten years from the filing date. A Chapter 13 bankruptcy can carry less of a stigma because debtors (people who file a bankruptcy case) make payments to creditors under a court-approved plan.
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