Chapter 13 Bankruptcy Car Financing
When can I purchase a house after filing bankruptcy?
? If we can’t buy now, what can we do to prepare to buy? My Husband filed for bankruptcy (ALONE) as little as 6 months ago, and I started a new job (which is in the same field I’ve worked in for the past 8 years). Together we make $56 yearly and I have a total of $$13,000.00 in debt (if comparing debt to income) $6,000.00 is for a 7 year old car repossession (that will not go away) and the rest is for a car I’m financing (which has been on time for the past two years), other than that, my credit is nice. I’ve never been evicted and I have a truck that was paid off in 2005. Of course since my Husband filed chapter 7 he has no history (score of 0). When should we be able to purchase?
Please answer ALL questions if you can.
FHA regs say 2 years from date of discharge, FNMA just went to 5 years. He needs to re-establish credit to get decent scores & to show he has the ability to pay bills on time. Look into a pre-paid credit card. See what you can do to get rid of that repossession too. Ask the credit bureaus to research it. It could be that it has been satisfied. Companies really don’t care about reporting that it is satisfied since you didn’t live up to your terms.
Pay everything early, no slip ups. Save some money…that in itself is a form of good credit. If FHA doesn’t change its current reg, you could be closer than you think.
Good luck.
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