Jump to content

If I filed bk how long will I have to wait to buy a


bad credit man
 Share

Recommended Posts

If I filed bk how long will I have to wait to buy a home. Iam going thur a divorce and most of ex wife debt is now mine and plus my own debt. I was talking to a mortage co and they tell me that my credit is bad but I sould try to repair it my scores are the low 500s. I have a lot of debt I need ahome. What sould I do. Thanks for any help.

Link to comment
Share on other sites

If I filed bk how long will I have to wait to buy a home. Iam going thur a divorce and most of ex wife debt is now mine and plus my own debt. I was talking to a mortage co and they tell me that my credit is bad but I sould try to repair it my scores are the low 500s. I have a lot of debt I need ahome. What sould I do. Thanks for any help.

Link to comment
Share on other sites

Guest jeeptravel

Post BK, you will see your score lower to the 400's. It will rise slowly as you get new credit and keep all your accounts in good standing.

My experience with home lending is that they want to see a higher score (around high 500's and up) and they want to see all balances at or near zero on your CR. If you paid all your credit debts each month as arranged, would you have enough to budget in a house payment? If so, you don't need BK. If you could not, you have some work getting through BK and your score improved. By discharging debts you now have, you will be creatig a clean slate to rebuild and apply for a home loan ina couple of years after doing your hmework.

Hope that helps!

Damien

Link to comment
Share on other sites

Guest jeeptravel

Post BK, you will see your score lower to the 400's. It will rise slowly as you get new credit and keep all your accounts in good standing.

My experience with home lending is that they want to see a higher score (around high 500's and up) and they want to see all balances at or near zero on your CR. If you paid all your credit debts each month as arranged, would you have enough to budget in a house payment? If so, you don't need BK. If you could not, you have some work getting through BK and your score improved. By discharging debts you now have, you will be creatig a clean slate to rebuild and apply for a home loan ina couple of years after doing your hmework.

Hope that helps!

Damien

Link to comment
Share on other sites

Your Ex-wife's debt is NOT yours in bankruptcy unless YOUR name is on it. Despite what the divorce court judge ordered, once all debts are discharged - those with YOUR name on them, SHE is wholly responsible for payment and there's not a damn thing she, or the family court, can do about it.

Just make sure you put your EX down as a creditor in your bankruptcy, its basic CYA.

Link to comment
Share on other sites

Your Ex-wife's debt is NOT yours in bankruptcy unless YOUR name is on it. Despite what the divorce court judge ordered, once all debts are discharged - those with YOUR name on them, SHE is wholly responsible for payment and there's not a damn thing she, or the family court, can do about it.

Just make sure you put your EX down as a creditor in your bankruptcy, its basic CYA.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.