Can I Buy Property After Bankruptcy?

If you are considering filing bankruptcy, you may wonder, "Can I buy property after bankruptcy?" The answer is yes, you can. You may be able to buy a house in as little as two years, depending on how well you maintain your finances and rebuild your credit score.

Rebuilding Your Credit

The first thing you must do to qualify for a mortgage after bankruptcy is to rebuild your credit. You can do this in a variety of ways, including:

  • Taking out an installment loan, such as a car loan
  • Getting a credit card with a very low credit limit, and paying it off every month
  • Paying all of your current bills, such as utilities and rent, on time, every month

Creditors want to see that you are able to keep up with your bills, now that you have eliminated your debt. Your credit score will go up as you prove you can be responsible for your finances.

Save Money And Get A Good Job

This may sound easier than it is, but having a stable income and a large down payment goes a long way toward convincing a lender to give you a mortgage. The less risk they have to take, the more willing they may be to accept you as a customer.

Ensure Your Credit Report Is Clear

Your credit report should not show any balance for debt that was discharged in your bankruptcy. You are no longer responsible for that debt and it should not show up on your credit report regardless of whether the creditor received any payment. If it does, we can help you dispute these mistakes and ensure your credit report is correct.

We Can Help You Move On With Your Life

The experienced attorneys at Levitt & Slafkes, P.C., can answer your questions about how bankruptcy will impact your life. Contact us to schedule a free initial consultation with one of our lawyers. You can reach us by filling out our online form or by calling our Maplewood office at 973-323-2953.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.