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How does bankruptcy affect buying a house in the future?
I'm just asking for curiosity's sake. My husband and I were disagreeing because I said that someone could buy a house a few years after declaring bankruptcy and he said that a person could essentially never buy a house again once they've declared bankruptcy, or at least not for 7 years. What is the correct answer?
3 Answers
- Sharon TLv 71 decade agoFavorite Answer
In theory, you are closer to the mark than your husband. This is from a historical perspective. The person must have absolutely sterling credit after the bankruptcy.
The bankruptcy will remain on their record for many years and will limit them in many ways so it is to be avoided if at all possible.
- Anonymous1 decade ago
You are correct. You can get a house after bankruptcy, but you will pay a really hight fee, but in some cases you may not get approved because they will see "bankruptcy" on your credit report. When your husband said 7, years, thats how long it takes before the BR is removed from your credit, so you would have a much better chance of getting a loan, and at a lower rate.
- Anonymous1 decade ago
Yes you could, but in a few years maybe 5 not inmediately.
