Everything that i’ve read says that you can get a home after 1 year in a ch 13 bankruptcy, 2 years after ch 7 bankruptcy, and 3 years after a foreclosure. I am about to file a chapter 13, and wonder how long would I have to wait before I could purchase a home. Does anyone know the actual rule and could you point me to the website or where you got your information?
Thank you!
It really depends on the banks to which you apply. The Bankruptcy will remain on your credit report for 10 years. The banks look at the date of the bankruptcy, your credit before the bankruptcy and your current credit. The amount of time it takes to show your credit-worthiness is not that easy to calculate.
Consider why you want a bankruptcy and what your credit looks like now. If your credit is spotless, then you have an incident (let’s say an accident) that leaves you with humongous debt for which you file bankruptcy, and you continue paying on your other debt … I would hazard to guess that the time would be minimal.
If, however, you have bad credit, get yourself into a bind using credit cards, etc., file for bankruptcy and include almost all your debt in it … it could take longer to be able to purchase a home.
