Can I Purchase a Home after filing Bankruptcy?

Can I Purchase a Home after filing Bankruptcy?

Can I Purchase a Home after filing Bankruptcy?

The answer to this question, is the too frequent legal answer, “It Depends.” Credit scores a/k/a FICO scores and interest rates are in an inverse relationship, meaning, the higher the credit score, the lower the interest rate. Our credit scores are the lead factor in determining the cost of credit, whether for a mortgage, automobile loan, personal loan, credit card, etc. Therefore, to pay the least amount possible in the form of an interest rate, it is most important to maintain a strong credit score, especially in our current tightened credit market. It is also important to note that credit scores are like roller coasters, they go down far quicker then they go up.

A credit history of late or missed payments or a high outstanding amount of debt will all cause a credit score to drop. In addition to the credit history a relatively high amount of outstanding debt relative to one’s income will cause a credit score to fall as well. Bankruptcy fits in to the credit score equation in that it gives one a chance to rebuild or achieve a fresh financial start. Bankruptcy is not a quick fix rather a tool to help one get back on financial track. When a bankruptcy is filed a credit score gets a fresh start, meaning the credit report rather than reflecting the old credit history will reflect the current and ongoing financial situation post-bankruptcy filing. If no new debt is incurred post bankruptcy thus improving the consumers debt to income ratio, the credit score will rise accordingly. With careful planning and allocating savings toward a down payment it is possible to purchase a home one year after a bankruptcy filing.

To speak with one of our lawyers regarding your financial situation and to determine if Bankruptcy Law is right for you, please contact one of our conveniently located law offices listed below.

CENTER CITY PHILADELPHIA: 1315 Walnut Street, #302 Phila., PA 19107 215-545-0008
NORTHEAST PHILADELPHIA: 2375 Woodward Street, #105 Phila., PA 19115 215-545-0008
DELAWARE COUNTY OFFICE: 1515 Wallingford Road, #218, Springfield, PA 19064 610-432-3111

GET YOUR FREE CONSULTATION

superlawyers_badge

SEEWHAT OUR CLIENTS ARE SAYING

Doug Tinlin
Doug Tinlin
06:55 15 Feb 18
Brad Sadek gave me hope when he decided to handle my mortgage for enclosure defense. I had exactly 10 days left of the 30 days ultimatum given me, but he was able to bargain for an extra 30 days for me to pay up. That duration turned out just right.
Jacinth Jacinth
Jacinth Jacinth
16:07 31 Jan 18
Excellent service. Brad and Matt were outstanding and friendly. They helped me through this. I’ve never met attorneys like these. Thank you!
julie njoku
julie njoku
12:29 24 Jan 18
Brad Sadek is excellent!. He understands and he's fair. You feel like you have someone fighting for you. The staff is friendly, professional, and courteous. These guys are the best at what they do !
Owen Black
Owen Black
20:14 09 Jan 18
Thanks for the great service! I would recommend this firm highly. Throughout the years I have been helped by this firm greatly and very much appreciated.
Steven Rychalsky
Steven Rychalsky
15:30 09 Jan 18
Sadek and Cooper law office was a wonderful experience to work with. Bankruptcy is a difficult experience but they helped with the stress so much and made it easy. I would recommend Sadek and copper too anyone.
Chris Kourelias
Chris Kourelias
19:09 28 Dec 17
Working with both Brad & Matthew was a pleasure. Both gentlemen are extremely knowledgeable and helpful in providing me the right assistance needed to make the correct decision to benefit me in the long run. I would recommend both candidates to anyone looking for assistance with a reputable law firm.
Jennyfer Santana
Jennyfer Santana
21:17 21 Dec 17
Highly Recommended. Matt & Brad assisted with my case. I felt comfortable throughout the entire process. Matt was very understanding, patient, and ensured he answered all my questions! Both great guys and very friendly! It was a pleasure working with Matt and Brad.
See All Reviews Write a review
Call Us Now