Thursday, January 12, 2017
Can I Still Buy A House After I File Bankruptcy?
A lot of people are afraid that if they file bankruptcy they will never be able to take out a loan again. And while we are not trying to advocate taking on unnecessary debt, we do understand that life goes on after bankruptcy ends and that means you have need that have to be met. One of the most important purchases a person or couple can make is their home. If you lost your home prior to filing bankruptcy, or were renting and now want to buy it may have crossed your mind to wonder if you are able to buy a house with a bankruptcy on your record. The answer is yes!
After bankruptcy you are likely to begin receiving all kinds of offers of credit, from special financing offers on cars to special credit card offers. You are able to accept any of these offers, but should be picky about what you do after bankruptcy. If buying a house is your goal, here are some tips:
• Keep new debt to a minimum, and if you do take on a new loan or credit card try and pay it off in full each month.
• Come up with a budget that is realistic and give yourself a few months of practice to see if it works. Budgets have a way of going off track, and if you buy a house before knowing what you can afford you might find yourself back in financial trouble.
• Shop around for a lender that will give you a decent rate and repayment terms that work.
• Take some time to put some money away in savings, and also for a down payment. The more you are able to save, the more financial security you will have for things like closing costs and repairs.
Bankruptcy is a very helpful financial tool, and your future can be positive. When you take the time to plan what you need, and then take the steps to reach your goals, bankruptcy can help. For more information about how bankruptcy might be right for you, call us today.
For more information about bankruptcy and how it can impact your ability to buy a house, contact us at www.law-ri.com. We will help by coming up with solutions that work for you and have multiple locations to meet your needs for office visits.