iStock_000000095377_L2FILING BANKRUPTCY QUESTIONS FOR YOUR ATTORNEY & ACCOUNTANT - www.placerbankruptcy.com

Ramifications of your ability to buy a home after bankruptcy.
  • At least 2 years before you can apply for an FHA loan pending lending regulations and each lender’s requirements.
  • At least 5 years before you can apply for a FANNIE MAE loan pending lending regulations and each lender’s requirements.

Eliminating credit card debt via bankruptcy can allow you to keep your home, but should you keep it?

Here’s some questions you should ask yourself:
  • Would you rather be debt free in this economy?
  • If you reaffirm your home loan(s) are you sure you will keep your income to pay for it. You’ll have already filed a bankruptcy and any reaffirmation will not be included and you can’t file again for 7 years.
  • Will you be able to make payments?
  • Will the market go up or down?
  • Is the deal the bank offers you really a good one for your budget?

The risk is foreclosure. If you reaffirm, you could end up in foreclosure after your bankruptcy. That will be one more ding on what might have been a fresh start.

Foreclosure vs Short Sale vs Bankruptcy vs Debt Consolidation

What should you consider with the advice of an attorney and an accountant?
  • The impact on my credit
  • The impact on my taxes
  • The impact on my future finances

Bankruptcy is not for every debtor. However, it is strongly recommended that you get advice from an attorney and your accountant before you make this life altering decision.


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