Filing for bankruptcy is always a decision you need to take seriously and with plenty of forethought. It’s a good idea to sit down with a bankruptcy attorney prior to filing in order to make sure you understand all bankruptcy entails so you know what to expect. Depending on the chapter you file, a bankruptcy will show up on your credit report for between seven and 10 years. This could affect a number of things in your life, including whether or not you can qualify for a mortgage.
The Reality of Qualifying for a Mortgage
Let’s dispense with one of the myths surrounding filing bankruptcy right away. Will it have an effect on when you can qualify for a mortgage? Yes. Will it mean you have to wait upwards of 10 years to get one? No. It’s possible, but definitely the exception and not the rule.