Reply
New Contributor
camille11
Posts: 55
Registered: ‎12-31-2013
0

How many years after Bankruptcy??

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.  :smileysad:

 

Thanks to all of you!

 

 

New Contributor
camille11
Posts: 55
Registered: ‎12-31-2013
0

Re: How many years after Bankruptcy??

Also, I was wrong about the date...it should be early 2016 before they would be off the credit reports.  The SOL is 3 years here in Lousiana, BUT it is 6 years in Indiana, where all this occured.

 

Thanks.

New Contributor
camille11
Posts: 55
Registered: ‎12-31-2013
0

Re: How many years after Bankruptcy??

Anyone???

Regular Contributor
Officer737
Posts: 149
Registered: ‎01-02-2008
0

Re: How many years after Bankruptcy??

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.


Starting Score: 502
Current Score: 10-21-2014 CK TU 614, EX 637, EQ 630
Goal Score: 700


Take the myFICO Fitness Challenge
Valued Contributor
ezdriver
Posts: 1,799
Registered: ‎08-24-2013
0

Re: How many years after Bankruptcy??


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.  :smileysad:

 

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.

 

 



Starting Score: 618
Scores on 10/9/13: EFX 652, XPN 669, TUC 662
Scores on 3/17/14: EFX 649, XPN 677, TUC 681
Goal Score: 720 ALL


Take the myFICO Fitness Challenge
New Contributor
camille11
Posts: 55
Registered: ‎12-31-2013
0

Re: How many years after Bankruptcy??

Thanks for your response Officer737!

 

Geezzz...what a bad experience you had!!  Yes, things can very well be hidden from you.  I hate all that happened to you.  I know it is very tough to go thru. 

 

I don't have long to decide on what to do.  If I keep waiting they will most likely sue me anyway, and then I will have no choice.  Just waiting around "hoping" it will fall off my CRs, well that's probably not smart.  That much money, yes, they will probably sue, and it is growing in interest every day.  They are just waiting in the shadows to jump out and get me. 

 

Again, thanks for telling me your story.  It does give me some hope.  Awful feeling in your gut to know you have to fild Bankruptcy after so many years of hard work.  I had a business, cars, money....everything I wanted.  When the tables turned, they turned fast, and BAD.

 

Stay away from those crazy women man.  LOL.

New Contributor
camille11
Posts: 55
Registered: ‎12-31-2013
0

Re: How many years after Bankruptcy??

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.  :smileyfrustrated:  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!

 

 

Valued Contributor
ezdriver
Posts: 1,799
Registered: ‎08-24-2013
0

Re: How many years after Bankruptcy??


camille11 wrote:

Thanks for your response Officer737!

 

Geezzz...what a bad experience you had!!  Yes, things can very well be hidden from you.  I hate all that happened to you.  I know it is very tough to go thru. 

 

I don't have long to decide on what to do.  If I keep waiting they will most likely sue me anyway, and then I will have no choice.  Just waiting around "hoping" it will fall off my CRs, well that's probably not smart.  That much money, yes, they will probably sue, and it is growing in interest every day.  They are just waiting in the shadows to jump out and get me. 

 

Again, thanks for telling me your story.  It does give me some hope.  Awful feeling in your gut to know you have to fild Bankruptcy after so many years of hard work.  I had a business, cars, money....everything I wanted.  When the tables turned, they turned fast, and BAD.

 

Stay away from those crazy women man.  LOL.


 

Sure it is painful because we are decent people just wanting to do what we believe is the right thing ... but life happens. I regret emptying my retirement savings trying to keep my creditors at bay ... and then the money ran out ... and I almot lost my marriage of 30 years. I had an epipany at 2:00 am one morning while I was walking circles in my cul-de-sac crying and feeling so helpless. It struck me that I was giving power to my creditors and ignoring my marriage and life. That was it! Next day I set up an appointment to consult a bankruptcy attorney ... and almost walked out ... but he convinced me that the law existed to level the playing field and afford my wife and I a fresh start. Once I got over the feeling of guilt and failure, I charged ahead and got it done. My discharge was less than a year ago and now I'm watching my new house being built and my wife smiling again.

 

The tables will keep on turning but you control whether you will lose your dignity and will to recover to creditors. Keep on keeping on ... this too shall pass.



Starting Score: 618
Scores on 10/9/13: EFX 652, XPN 669, TUC 662
Scores on 3/17/14: EFX 649, XPN 677, TUC 681
Goal Score: 720 ALL


Take the myFICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}