Buying a home in the future

[NeedNewStart]

I'm going to file Ch. 7 and my fiance will not. His credit is good and when he finishes school he'll have a great income but lots of student debt (no other debt at all). When we want to buy a house in the future after we are married will it be a problem because of my BK?

[NoMoreRed]

I believe it will all come down to what your debt to income ratio is at the time you are going to buy along with how far back the BK was. Another factor, of course, will be how tight or loose the banks are after this whole financial crisis.

One more thing...how well you have manged any credit you have after the BK.

[Flamingo]

I'm going to file Ch. 7 and my fiance will not. His credit is good and when he finishes school he'll have a great income but lots of student debt (no other debt at all). When we want to buy a house in the future after we are married will it be a problem because of my BK?

What you need to know is that a Chapter 7 will be on your credit reports for 10 years from the date you file. How you conduct yourself credit-wise and financially after your discharge will play a big part in the possibility of any future mortgage acceptance. Pay all your bills on time and keep credit applications/inquiries low because you will get denials which will stay on your credit reports for two years from the date of the inquiry. Consult with the bank/broker/real estate agent prior to purchasing any house as to how you should proceed with that Chapter 7 on your records. It might be a good idea for your bf or spouse at that time to purchase in his name only if there might be a problem as to your Chapter 7. The further you are out from your discharge, along with being pristine as to your credit/finances, increases your chances of acceptance and good rates. However, know that during that 10 year period, that BK filing can haunt you when you least expect it so always be aware you can be denied for any credit at any time due to the BK.

[bnkrptinva]

My attorney told me so as long as I didn't do anything stupid after the discharge, that after about 2 years, I would be able to buy a house or car with a decent interest rate. Keep in mind, of course, I'd have to have the correct income for the loan, and again, not get into any sort of credit trouble afterward.

My cousin went chapter 7, and a couple of years later, she bought a house w/no cosigner.

I agree w/the poster who said, it will also depend on how banks are after this credit/financial crisis passes.

With the record number of filings though..at some point, one would think they'll have to extend credit to us so as long as we show steady income, and no risks of debt issues creeping back up.

[NeedNewStart]

Thanks for all of the replies

So even if we did want to buy a house within a year of my filing.... could he just by the house himself and leave me totally out of it even though we'll be married?

[ShouldWeFile]

Thanks for all of the replies

So even if we did want to buy a house within a year of my filing.... could he just by the house himself and leave me totally out of it even though we'll be married?

As long as he qualifies credit and income wise on his own - IE, if your income was not in the household, he would still budget for all of the expenses on his credit, at the percentages acceptable to the lending institution...

If you are not on the loan, your income usually cannot be considered for repayment (even though it would likely be used for repayment if you are married).

[Beeheery]

does anyone know if our names can be added on to a house AFTER we file BK in a way to help rebuild our credit???