Life After Bankruptcy

[2ply]

What is life like after bankruptcy? Is it almost impossible to get any loans? Thinking of filing, but have 2 kids and will need a bigger house in the next couple of years. Is that possible?

 

[jetskiscott2]

It's not the end of the world at all. It was the best financial decision I've made in a long time. I filed last year and got a discharge in 3/2004. I bought a new car last night at 15% interest. Kinda high, but not as bad as I expected. Filing BK kept me from losing sleep over bills and other things. My health and welfare is priceless

 

[rainmand]

Life is great after bankruptcy if you've taken the proper corrective actions after its been discharged. All you have to do is consistently pay your bills on time and spend some time correcting the errors on your credit report. You can get a home loan one day after a chapter 7 has been discharged if your FICO score is 600. You can also get a FHA-insured loan 12 months after a chapter 7 has been discharged. There are a lot of other home loan programs designed specifically for folks who have encountered bankruptcy situations. The key things to remember are pay the bills on time (don't ever have any lates or you won't qualify for FHA) and work on improving your credit and you'll be fine.

 

[2ply]

I am going to keep paying on my house, I have loan through local bank I have never been late, later when we decide to sell our house will they frown on the fact we have filed and will we have to go to an outside morgage place?

 

[jrowley]

If you are planning on keeping your house you might want to check into filing a chapter 13.

 

[rainmand]

later when we decide to sell our house will they frown on the fact we have filed

>Maybe, but it doesn't matter because you've always been current on your mortgage and they won't have any recourse.

and will we have to go to an outside morgage place?

>No. Just keep making regular payments and you'll be okay.