Hi,
I just wondered how many years after Chapter 7 bankruptcy can you buy a home. FHA? I have asked this before, but don't think I really explained that I had a business fail. Credit scores will stay fairly good, and get better pretty fast I suppose....have been paying on time on my credit cards that were not part of the business, and mortgage, and two cars for 4 years.
All this happened in 2009. After a divorce, and lost business, I went a little off the deep end..so to speak. I know I waited too long to get this done. IF I had done this earlier.... I would be sitting pretty well now.
I owe over 100,000.00 YIIKES!! I have read it is around 2 yrs. The things I want to file on are all related to the business failing in 09. Spoke to an attorney, and he gave me all the options, but I'm still trying to figure out what is the best to do. *** He said: Do nothing, and wait for it all to come off my reports in 2015... OR, do a Chapter 13, and pay them back some of the money. (Not an option, I have too much debt..and would be in deep ___!!: OR do the Chapter 7 on the business only, and wait however many years I have to wait before buying. He didn't say how long that would be.
Still have a car, mortgage, and three credit cards that get paid on time. My scores are now. T 610 EQ 572 EX 620. I guess the time that has passed has hurt me less and less.. as the baddies got older.
BTW, I am coming clean on who I am on the boards. Was so embarressed that I told everyone this was my Dad who is filing. SORRY! I really regret doing that, as I know I have to be honest if I want help here. Please forgive me for that.
I wonder if it would be better to just wait until this all fails off, or do a Chapter 7. The baddies will fall off in Aug. of 2015. Afraid of getting sued though, and if I did, then the time would increase a good bit before I could buy a thing!
Thanks, and again, I'm sorry for not being honest. Please don't bash me too much for that. This is so embarressing to me. 
Thanks to all of you!
Everyone's situation is different on if they should file a BK or not so it is hard for me to suggest if it is the best option for you. For me, it was the best option. I HAD a live in gf that turned out to be an abuser of prescription drugs that I didn't find out about until last year (amazing how well it can be hidden). I busted my rear end for years working a full time job with a lot of overtime and 2 part time jobs at the same time. 2 houses, several cars and $40,000 in cash later I had to file.
What of the things that pushed me to file was a debt from 6 years ago that I got sued for right before the SOL expired on it. The attorney had the wrong amount and could not validate the debt in court but the judge favored for them on a debt that was only $1,500 to an enormous amount of $36,000, nothing like getting $332 yanked out ofyour paycheck every pay day.
I would fret too much about not being 100% forthcoming, this is an unpleasant experience for any of us and understand what your going thru.
@camille11 wrote:Hi,
I just wondered how many years after Chapter 7 bankruptcy can you buy a home. FHA? I have asked this before, but don't think I really explained that I had a business fail. Credit scores will stay fairly good, and get better pretty fast I suppose....have been paying on time on my credit cards that were not part of the business, and mortgage, and two cars for 4 years.
All this happened in 2009. After a divorce, and lost business, I went a little off the deep end..so to speak. I know I waited too long to get this done. IF I had done this earlier.... I would be sitting pretty well now.
I owe over 100,000.00 YIIKES!! I have read it is around 2 yrs. The things I want to file on are all related to the business failing in 09. Spoke to an attorney, and he gave me all the options, but I'm still trying to figure out what is the best to do. *** He said: Do nothing, and wait for it all to come off my reports in 2015... OR, do a Chapter 13, and pay them back some of the money. (Not an option, I have too much debt..and would be in deep ___!!: OR do the Chapter 7 on the business only, and wait however many years I have to wait before buying. He didn't say how long that would be.
Still have a car, mortgage, and three credit cards that get paid on time. My scores are now. T 610 EQ 572 EX 620. I guess the time that has passed has hurt me less and less.. as the baddies got older.
BTW, I am coming clean on who I am on the boards. Was so embarressed that I told everyone this was my Dad who is filing. SORRY! I really regret doing that, as I know I have to be honest if I want help here. Please forgive me for that.
I wonder if it would be better to just wait until this all fails off, or do a Chapter 7. The baddies will fall off in Aug. of 2015. Afraid of getting sued though, and if I did, then the time would increase a good bit before I could buy a thing!
Thanks, and again, I'm sorry for not being honest. Please don't bash me too much for that. This is so embarressing to me.
Thanks to all of you!
You are probably harder on yourself than anyone here will be on you so chill.
I am currently buying with an FHA mortgage [under the Back To Work program] one year from my Ch 7 discharge. Conventional will require much longer wait time [3years or more] from discharge. Can't tell you what to do re filing bankruptcy but a ch 7 [assuming that you qualify] will give you a frest start financially ... in a shorter period of time.
ezdriver, I am really trying to chill. lol.
Now your story DOES give me some hope, and thanks for the reply.
I do plan to go FHA also, when I arrive at that point. Looks like it will be a long wait until then, and this apt. is getting smaller all the time. 
I had a home in Fort Wayne, Indiana. Was doing great. Wife left me, and I got very depressed...let the business go, and now I'm paying for it. I had a crazy woman in my life...like Officer737 did..lol. Over all that now, but at the time, it hurt bad, and I just didn't care anymore. Wish I could change it, but it is what it is.
I remember reading..like you said..that a conventional loan takes a whole lot longer after discharge. I read three years or more.. like you said. FHA does seem to be the best option if you are planning to buy faster. Plus they don't require as much money down.
I do appreciate you replying, and good luck to you!