To Old or Young to file?

[Carloscda]

The BK's don't come of your report for 7-10yrs.
So what if your in you 40's - 50's, you tack those yrs onto your age plus a few more yrs then what? Trying to get a Home at 50 and 20 or so yrs of payments before you own your home?

Any thoughts??

[HHM]

Although BK is ON your credit report for 7-10 years, BK DOES NOT AFFECT your credit for 7-10 years. Current FHA guidelines allow you to get a mortgage after 2 years from your BK.

Most peoples credit will recover within 2 years from BK so long as they make sure all entries are reporting the BK correctly and maintain good credit habits after the BK discharged.

[HakunaMatata]

While BK remains on your credit report for 7-10 years, this doesn't mean your credit is in chronically terrible condition throughout this timeframe. You can rebuild your credit score post-BK (check out the "Rebuilding Credit" forum for tips). Numerous people are able to obtain mortgages within 2-3 years following BK. You don't have to wait ten years to own property.

Here is an article that addresses rebuilding credit post-BK:

http://articles.moneycentral.msn.com/Banking/BankruptcyGuide/BounceBackFastAfterBankruptcy.aspx

[Carloscda]

Ok good to hear because I defiantly don't want to be someone in their late 60's completing a mortgage.

[AMISLANDER]

The BK's don't come of your report for 7-10yrs.
So what if your in you 40's - 50's, you tack those yrs onto your age plus a few more yrs then what? Trying to get a Home at 50 and 20 or so yrs of payments before you own your home?

Any thoughts??

With the economic state of our world & the number of people now foreclosing (when I filed three years ago, it was just bankruptcies not foreclosures that were the issue), I don't think it really matters. Banks aren't lending regardless.

My thoughts are that after divorce, addiction, bakrupcty...i.e., I really don't have much to be afraid of except the swine flu or the atomic bomb going off...