Want to Buy a Home?

If you are like many other Americans your credit has recently been through the ringer and is holding you back from being able to purchase a new home. If you have some cash to put down you might be able to start the process now.

A bankruptcy will appear twice on a credit report, once when it is first filed and the date that it was discharged. A bankruptcy petition can take just a couple of weeks if there are few creditors and a Chapter 7 filing and much longer with a Chapter 13 filing due to the additional amount of information that needs to be reviewed, approved and implemented by the trustee.

This information remains on your credit report. A Chapter bankruptcy will remain on your credit report for 10 years. A Chapter 13 will stay on your credit report for seven years from the initial filing date as long as the repayment plan was completed satisfactorily.

If the Chapter 13 was not completed due to non-repayment that information will stay on the report for 10 years as well.

While that seems rather onerous in reality you're not doomed for a decade when you file for bankruptcy. In fact, you will soon see credit offer from credit companies who issue credit cards to those fresh out of bankruptcy or who are experiencing negative credit. However, if you do obtain credit after a bankruptcy and falter on it as well, it's quite possible that a mortgage lender will deny you another mortgage while the credit reflects a bankruptcy. It's imperative to never, ever be late on any other credit item after a bankruptcy discharge that is if you want to be considered for a mortgage loan in the future.

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