how could you get a home loan 8 years after BK? i thought
BK condemned you to 12 years of abominable credit during
which no one will lend you a cent.

anonymous@coolgroups.com wrote in message
news:<3f28c291_4@news.athenanews.com>... how likely is it that one can have credit cards after filing a chapter 7 bankruptcy? i am seriously
considering bankruptcy, but i'd rather not be able to forfeit the convenience of ordering stuff online, etc. once it's
all over. -------------------------------------------------------
------------- For free web access to 50,000+ newsgroups, please visit http://www.coolgroups.com/. Thanks -------------------------------------------------------
-------------unfortunately, what most don't understand is that BK
serves as acornerstone to what drives our american economy. If you
follow thejapanese example, they have mired in recession for the
past 15 years,mosty because Japanese banks are so reluctant to write
off bad debt.The failure of a BK keeps bad debtors and lenders in a
dysfunctionalcycle that will never end.Do I feel bad about my bankruptcy? Not in the least.
It was thesecond most shrewd financial decision I had ever made.
The first mostcame after the BK. That's when I decided that I would
never (NEVER!)borrow any money if I could help it.8 years after my BK, I bought a house that will be paid
off in tenyears, a new car. No new credit cards, although I throw
away about 30pre-approved offers per week.If I hadn't filed, I'd have none of the above plus I'd
still be indebt.




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Enter a mortgage eight years after BK?

Try less than a year and a half after BK.

Our FICO scores are already back in the mid-600s and we're in contract to
build a home. Sure, our first loan will be sub-prime, but even a sub-prime
2/1 ARM is at sub-6% APR, and once we're at least two years out from the BK
(we're 14 months out now), we'll be able to refinance into an "A" paper VA
loan. If we choose a 1yr ARM, our APR would be even lower (and we'd be able
to refinance without prepayment penalties after one rather than two years).

For us, BK was the smartest thing we've ever done. And we've learned from
it -- we aren't seeking out more credit than the absolute minimum needed to
reestablish our credit, and we're using it judiciously. Thus, we're
eligible for a mortgage at a reasonable rate this quickly. Prior to our BK,
our D-to-I ratio was abominable -- way over 50% overall debt, and that was
with no mortgage. Stupidity on our part? You betcha.

Post-BK, our D-to-I will be about 26% for the mortgage alone, and about 35%
for overall debt ratio (that additional seven percent covers student loans,
auto note, and the paid-every-month CC's).

PWB

<anonymous@coolgroups.com> wrote in message
news:3f2aaa41$1_9@news.athenanews.com... how could you get a home loan 8 years after BK? i thought BK condemned you to 12 years of abominable credit during which no one will lend you a cent.anonymous@coolgroups.com wrote in message news:<3f28c291_4@news.athenanews.com>... how likely is it that one can have credit cards after filing a chapter 7 bankruptcy? i am seriously considering bankruptcy, but i'd rather not be able to forfeit the convenience of ordering stuff online, etc. once it's all over. ------------------------------------------------------- ------------- For free web access to 50,000+ newsgroups, please visit http://www.coolgroups.com/. Thanks ------------------------------------------------------- -------------unfortunately, what most don't understand is that BK serves as acornerstone to what drives our american economy. If you follow thejapanese example, they have mired in recession for the past 15 years,mosty because Japanese banks are so reluctant to write off bad debt.The failure of a BK keeps bad debtors and lenders in a dysfunctionalcycle that will never end.Do I feel bad about my bankruptcy? Not in the least. It was thesecond most shrewd financial decision I had ever made. The first mostcame after the BK. That's when I decided that I would never (NEVER!)borrow any money if I could help it.8 years after my BK, I bought a house that will be paid off in tenyears, a new car. No new credit cards, although I throw away about 30pre-approved offers per week.If I hadn't filed, I'd have none of the above plus I'd still be indebt. -------------------------------------------------------------------- For free web access to 50,000+ newsgroups, please visit http://www.coolgroups.com/. Thanks --------------------------------------------------------------------

I have had clients get new mortgages the day after their
discharge. Most people can qualify for a new loan 2 years after
their discharge, providing their post-bankruptcy credit is good.

--
Brett

************************************************** ***************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* lawyer@erols.com *
* http://www.erols.com/lawyer *
* *
* Small Business Estates & Estate Planning *
************************************************** ***************

The Small Print: This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the facts
and the law applicable to your situation.
************************************************** ***************


<anonymous@coolgroups.com> wrote in message
news:3f2aaa41$1_9@news.athenanews.com... how could you get a home loan 8 years after BK? i thought BK condemned you to 12 years of abominable credit during which no one will lend you a cent.anonymous@coolgroups.com wrote in message news:<3f28c291_4@news.athenanews.com>... how likely is it that one can have credit cards after filing a chapter 7 bankruptcy? i am seriously considering bankruptcy, but i'd rather not be able to forfeit the convenience of ordering stuff online, etc. once it's all over. ------------------------------------------------------- ------------- For free web access to 50,000+ newsgroups, please visit http://www.coolgroups.com/. Thanks ------------------------------------------------------- -------------unfortunately, what most don't understand is that BK serves as acornerstone to what drives our american economy. If you follow thejapanese example, they have mired in recession for the past 15 years,mosty because Japanese banks are so reluctant to write off bad debt.The failure of a BK keeps bad debtors and lenders in a dysfunctionalcycle that will never end.Do I feel bad about my bankruptcy? Not in the least. It was thesecond most shrewd financial decision I had ever made. The first mostcame after the BK. That's when I decided that I would never (NEVER!)borrow any money if I could help it.8 years after my BK, I bought a house that will be paid off in tenyears, a new car. No new credit cards, although I throw away about 30pre-approved offers per week.If I hadn't filed, I'd have none of the above plus I'd still be indebt. ---------------------------------------------------------------
----- For free web access to 50,000+ newsgroups, please visit http://www.coolgroups.com/. Thanks ---------------------------------------------------------------
-----