As bankruptcy attorneys, we often hear our clients voice concerns about life after bankruptcy. They fear that they won’t be able to take out loans for big investments like homes and cars. However, that’s not the case.
Bankruptcy is a way to create a new financial future when you’re buried by debt. After filing for bankruptcy, you are able to start anew and create a new financial future.
If you currently own a home, filing for bankruptcy doesn’t mean that you will lose it. In fact, you can usually keep your home and continue to keep making payments on your mortgage. And, if you decide that you want to sell your home after you file, you’re often able to do that as well.
But, what about buying a home after bankruptcy? After you file for bankruptcy, your filing will appear on your credit score for 7-10 years. However, you can often get a loan sooner than that. In fact, it’s not uncommon for people to be able to buy a new home or refinance their existing home as soon as 2 years after they file for bankruptcy.
After you file for bankruptcy, rebuilding your credit is your key to being able to make big financial steps like buying a home or a car. The best way to do this is to consistently pay your bills on time.
For bankruptcy attorneys who are here to help you every step of the way, give us a call at Craft Law Offices in Greenville, NC.