Legal Question in Bankruptcy in Illinois

A friend of mine was having financial troubles last year and had to file for chapter 7 or 13 bankrupcy,Iam not sure which. But today her and her husband are back on track and going in the right direction this time. My question is they are looking to buy a house, because they heard it would be cheaper than renting and they will have something to call their own when they pay off their mortgage.Although my friend is not sure that her and her husband ca buy a house after what they had gone through.

Please respond on buying property after bankruptcy.


Asked on 4/23/10, 4:17 am

1 Answer from Attorneys
Caroline Palmer Law firm of Caroline Palmer

It is possible to buy a house after going through a bankruptcy. Bankruptcy stays on a credit report for about 10 years, and it may make lenders more unwilling to lend her money. If her husband did not file for bankruptcy at the same time, then it is possible for them to take out a mortgage in his name alone. Either way they won't qualify for as much money as they would have before your friend declared bankruptcy.

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Answered on 4/28/10, 7:27 am


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