Legal Question in Bankruptcy in Georgia

File Bankruptcy and Buying a House Later

I would l ike to file bankruptcy and my only concern is once I pay off all of my debts, when can I qualify for a home. How long will his bankruptcy be on my credit report and how many years after filing can I get approved for a qualifying loan with a new house.


Asked on 12/12/07, 8:01 pm

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: File Bankruptcy and Buying a House Later

If you file for bankruptcy you will not likely pay all of your debts, at least on the terms of your original agreement. It'll stay on your credit report 7 to 10 years. How you rebuild your credit and qualify for a loan after that is up to you and the lenders.

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Answered on 12/12/07, 8:39 pm
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: File Bankruptcy and Buying a House Later

There is no absolute answer and to give you a better answer I would need a great deal of financial information. Bankruptcies stay on credit histories for a long time - most stay 10 years. However, many people do buy homes shortly after bankruptcy, although recent developments have affected that.

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Answered on 12/12/07, 10:25 pm


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