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Will I Have To Wait Ten Years To Re-establish Credit or Buy A House After Bankruptcy?

Many people contemplating filing chapter 7 or chapter 13 bankruptcy find themselves wondering if they will ever be able to use credit again or make major purchases such as a home in the future. According to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, a bankruptcy filing may remain on your credit report for up to ten years. However, this does not mean that a person has to wait ten years before re-establishing credit or even making a major purchase such as a home or car. Once a person receives their bankruptcy discharge, he or she can begin immediately re-establishing credit. In attempting to rebuild credit, one should follow the basic guidelines for establishing good credit history including making payments on time, keeping balances well below the credit limit and not having too many open accounts at one time. Though it remains on one's credit report for up to ten years, a bankruptcy filing is like any other negative blemish on a person's credit history. Also, as is the case with other negative blemishes, the more positive credit history a person establishes post-discharge, the less likely the bankruptcy filing will negatively affect him or her.

With regard to major purchases such as a home, there is no per se rule that a person who files bankruptcy has to wait ten years before purchasing a home. Also, current mortgage trends do not show that mortgage lenders are requiring a ten-year wait when considering home loans for those who have previously filed bankruptcy. After obtaining a discharge, a person can immediately begin working towards rebuilding their credit in preparation for a home purchase. Following the basic principles of establishing good credit along with increasing positive credit history will enable a person to purchase a home without waiting the ten-year period for the bankruptcy filing to be removed from their credit report. Many of our clients have had success re-building their credit after filing bankruptcy. Douglasville Bankruptcy Lawyers has consulted with hundreds of clients about the effects of filing bankruptcy and are available to answer any bankruptcy-related questions you may have.


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