Even though we’re still in the midst of a pandemic, most people have at least one friend or family member who’s bought a home within the past year. In fact, the first few months of 2021 have reflected rapid growth when it comes to buying homes. This has been supercharged by the real estate market’s bidding wars at the end of 2020. Despite some people having issues because they made purchases quickly the market still hasn’t slowed down any.
With all the talk about buying a home today those who are either actively engaged in a bankruptcy case or who are thinking about filing may wonder how they could purchase a house afterward.
Buying a Home After Bankruptcy
Whether you’re filing for a Chapter 7 or 13 or have already filed for one, you may feel like the odds of buying a home are stacked against you. However, it’s possible that you can still purchase a home but you need to understand that doing so will require more patience and some special financing. This may mean that you’ll need to wait a few years to find this financing.
As you work towards buying a home you should closely monitor your credit report. Make sure you watch for any errors or unresolved issues. During this time you should also gather together any documents regarding the circumstances that led you to file for bankruptcy so that you can provide them to your mortgage lender.
Financial Responsibility Regarding Mortgages Following Bankruptcy
Regardless of whether you filed for a Chapter 7 or a Chapter 13 the idea of taking on any debt afterwards can be a bit scary for you. At the very least, you may be hesitant even if you really want to live in a home of your own. However, you should know that while there are some purchases (e.g. credit card debt) that can quickly spiral out of control if you don’t have a plan in place to pay this debt off, a mortgage requires structured payments. This means that you’ll have a plan in place and a set date for when these planned payments will end. This is why buying a home at the right time can actually substantially benefit your credit.
How We Help You Move Towards Your Desired Future
Now that you know that it is indeed possible for you to buy a home after your bankruptcy has been discharged, it’s important to make sure that you know how to successfully overcome any debt that you’ve incurred, to begin with. Although your dreams of owning a home may someday come true, if you’re currently faced with a lot of debt that you see no clear way out of you may feel as though you’re entrapped within a nightmare. This is where the attorneys at Weller Legal Group in Tampa, Lakeland, Clearwater, Port Richey are able to help you.
We’re here to help you decide whether you should file a Chapter 7 or Chapter 13 case. We can even help you determine if you should pursue another option. If you do decide to file a case we’ll help you position yourself so that you come out the other side being prepared to own a home and have a better financial future overall. This is something we’ve helped a lot of people with over the years and look forward to helping you with as well.
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