In most cases, you will have to wait for about two years. Those two years begin after your Chapter 7 bankruptcy discharge date.
What happens is you file the paperwork in court. You have to wait for the case to begin the closing process. That is entirely different from the filing date. The closing date might take place a few years after the initial filing date. That is why you need to be patient.
Some bankruptcy cases take longer than others. It depends on how complex your case is and the details involved. The court will send you the paperwork in the mail before the closing date commences.
You can begin to count the days once the paperwork is signed, filed, and closed.
Three Things You Have To Do After the Close Before Your Two Years Has Elapsed.
Now, your case might have closed and the two years might have elapsed, but there are a few things you need to do first.
1) You will need to fix your credit score. Part of that includes establishing a new account. Yes, you might need to do that. You will also have to show how good of a credit risk you are with your payments.
Chapter 7 filers have to be very conscious of their payments. One missed and/or late payment could ruin your luck. They will take a look at that before you buy your first new home since the incident.
2) You can opt not to open a new account after filing. Sometimes the FHA(Federal Housing Association) looks at that as a plus. Sometimes not opening a new credit account and letting the dust settle is the better way to go.
Once more, it depends on your situation.
Ask the FHA(Federal Housing Association) about your options.
3) Did you know you can speed things up using the 12-moth exception? I was not aware of that until today. What is the 12-moth exception? Well, sometimes people file due to no fault of their own. Sometimes filing for bankruptcy is not your fault. Sometimes you have no choice.
That could your situation. You might be able to reduce the severity if you demonstrate to them that this is not your fault. You will have to provide paperwork to prove your case. They are not going to take your word for it.
The other thing you will have to show is how well you handle your finances. You will have to show them banking statements showcasing how well you handle your money. Those documents might reduce your two years to one year.
You will need to ask them about that before you file the paperwork. Sometimes filing paperwork prematurely does more harm than good, and then, you cannot buy the house you want.
Every bankruptcy case is different. Speak to a professional today.
Please visit Fair Fee Legal Services on their official page at https://www.fairfeelegalservices.com/for information concerning bankruptcy law or finding a bankruptcy attorney.
Debt Settlement Relief or debt relief can significantly reduce the amount you owe to creditors, which can either be done personally or with the help of an attorney. Since an attorney has years of knowledge, training and experience, we would recommend hiring one. A good attorney can negotiate a suitable payment plan according to your situation.