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1-866-900-7078
Contact the Law Offices of James Scott Farrin 1-866-900-7078

Paper Reports that Home Loans are Available to Many In as Little as a Year after Bankruptcy Filing

Many people who file bankruptcy fear that it will be years before they can buy a home (perhaps for the first time) because the bankruptcy will be on their credit report for 7 to 10 years. However, the New York Times reported last week that this fear is unfounded for many, with some mortgages becoming available to some consumers in as little as a year after bankruptcy has been discharged.

According to the paper, those who file for Chapter 13 bankruptcy protection qualify for a mortgage guaranteed by the Federal Housing Administration (FHA) one year after discharge, and those that file for Chapter 7 qualify in two years.

Of course, consumers will have to work on managing their credit following their bankruptcy discharge to improve their score. This can be done by paying bills on time and using credit responsibly.

HandShake_07312014Financial advisors say that using one or two credit cards with a small balance and paying them off regularly is a great way to rebuild your score after a bankruptcy. If you can't qualify for an unsecured card, then you may be able to get a secured card (one that is backed by a cash deposit) from your bank.

Though a bankruptcy does remain on your credit report for up to 10 years, it is not a financial death sentence. As this report shows, consumers can get approved for new credit relatively quickly following a bankruptcy discharge, and responsible financial management can quickly bring your score back up.

In most cases, filing for bankruptcy is a powerful tool in helping consumers who have become overwhelmed by debt to take charge of their finances and get back on the road to recovery. For many consumers, if they do not file for bankruptcy, they will struggle with overwhelming debts for years, leaving them unable to move forward with purchases like a car or new home. For those consumers, bankruptcy makes financial progress possible.

North Carolina Bankruptcy Lawyers

If you are in over your head in debt, a North Carolina bankruptcy lawyer at the Law Offices of James Scott Farrin may be able to help you. Call our offices at 1-866-900-7078 for a free consultation and to find out how bankruptcy may be able to help you!

Contact Information

Raleigh Law Office

5848-100 Faringdon Place
Raleigh, NC 27609
Phone: 919-834-1184
Toll Free: 1-866-900-7078

Durham Law Office

280 South Mangum Street, Suite 400
Durham, NC 27701
Phone: 919-688-4991
Fax: 800-716-7881

Fayetteville Law Office

517 Owen Drive
Fayetteville, NC 28304
Phone: 910-488-0611
Toll Free: 1-866-900-7078

Charlotte Law Office

1001 Morehead Square Drive, Suite 350
Charlotte, NC 28203
Phone: 704-599-1078
Toll Free: 1-866-900-7078

New Bern Law Office

1505 South Glenburnie Rd, Unit P
New Bern, NC 28562
Phone: 252-634-9010
Toll Free: 1-866-780-3422

Greenville Law Office

702 G Cromwell Dr.
Greenville, NC 27858
Phone: 252-355-5205
Toll Free: 1-866-780-3227

Greensboro Law Office

300 N. Greene Street, Suite 850
Greensboro, North Carolina 27401
Phone: 336-665-7072
Toll Free: 1-866-900-7078

Goldsboro Law Office

214 South William Street, Suite 3
Goldsboro, NC 27530
Phone: (919)-731-2581
Toll Free: 1-866-900-7078

Henderson Law Office

514 Dabney Drive, Suite 200
Henderson, NC 27536
Phone: 252-492-4600
Toll Free: 1-866-900-7078

Roanoke Rapids Law Office

709 Julian R. Allsbrook Highway
Roanoke Rapids, NC 27870
Phone: 252-537-9670
Toll Free: 1-866-900-7078

Rocky Mount Law Office

3202 Sunset Avenue, Suite B
Rocky Mount, NC 27804
Phone: 252-937-4730
Toll Free: 1-866-900-7078

Sanford Law Office

703-B South Horner Boulevard
Sanford, NC 27330
Phone: 919-775-1564
Toll Free: 1-866-900-7078

Wilson Law Office

2315 Airport Blvd Suite A
Wilson, North Carolina 27896
Phone: 252-246-9090
Toll Free: 1-866-900-7078

Winston-Salem Law Office

301 N. Main Street, Suite 2409-C
Winston-Salem, NC 27101
Toll Free: 1-866-900-7078