My best friend had a business fail in 2009. He went to see a lawyer to talk about bankruptcy today. This attorney told him that he can file bankruptcy on all those collections and old accounts for only that year the business failed..2009. He then said, due to some sort of loop hole, he could buy a home within three to four years. He said he has a client that just closed on a 950,000 home after doing this with a failed business in 2010. Got a mortgage with no problems at all. Of course he makes plenty of money too! 
Any of you ever heard of this? I told him I would ask the question here, and see if you guys knew. If you don't know...like me...lol... I understand. I never heard of this. But, I am no lawyer either. Oh, and I know none of you are. Or maybe you are! haha.
Thanks much!
Oh, ok. I know, I have heard different stories myself. I think he is best off to talk to more than one Bankruptcy attorney. So, what do you guys know about it? Is it true you can recover that quickly? Or does it just depend on the individual? This is for a business, and I did read is is faster to move forward, but who knows if what I read is true either. 
I trust in you guys, and just thought maybe there was a "for sure" answer. I do know an attorney will tell some tall tales to get some money. lol Those accounts have only a year and a half before they are removed. It would take longer, I'm fairly certain with a bk ruptcy. I just wondered how long exactly, but maybe there is no "one and only answer to this."
Thanks for the replies guys!!
@camille11 wrote:Oh, ok. I know, I have heard different stories myself. I think he is best off to talk to more than one Bankruptcy attorney. So, what do you guys know about it? Is it true you can recover that quickly? shane pretty much spelled it out.... if you re-establish credit.... those are the waiting times Or does it just depend on the individual? This is for a business, and I did read is is faster to move forward, but who knows if what I read is true either.
Thanks for the replies guys!!