<h1 style="" align="left">How long do you have to wait to buy a house after your Chapter 7 bankruptcy?</h1>Video Transcript  Remember that <a href="/blog/posts/chapter-7-bankruptcy-for-seniors/" title="chapter 7 bankruptcy | memphis bankruptcy attorneys" target="_blank" rel="noopener noreferrer">Chapter 7</a> is a complete discharge of debts. It’s not a repayment plan. And unlike <a href="/blog/posts/bankruptcy/chapter-13-bankruptcy-lawyer-memphis-tn/-buy-a-car/" title="chapter 13 bankruptcy | memphis bankruptcy lawyers " target="_blank" rel="noopener noreferrer">Chapter 13</a>, it’s not going to go on for a few years; it’s going to go on for a few months.From the time you file your Chapter 7 (most of the time, unless there’s some problem with it that has to be resolved), in a period of three to four months it’s going to be discharged and completely finished as far as you’re concerned.And that means that all of your debt – unsecured and so forth – will be gone, and the only debt that you’ll have left are debts that you intentionally kept, like your home mortgage and perhaps a car.Then you can start looking for a home, if you choose to do that. You can look for a non-qualifying assumable deal that you can find in your local newspaper usually, or you can go through the government-backed mortgage companies Fannie and Freddie that you’ve heard about or any other mortgage company; but they’re going to require you to wait some time, normally.They are interested in seeing your Chapter 7 discharge, because they know that:<ol><li>You can’t file again for 8 years, at least not a Chapter 7 and</li><li>You don’t have any debt. You should be in better condition and able to pay.</li></ol>But they will require a waiting period of some type usually before getting a mortgage.More questions? Contact Darrell Castle:<a href="tel:+19013272100"> (901) 327-2100</a>

It is critical to discuss the timing of bankruptcy with your bankruptcy lawyers Memphis, TN respects so that you can minimize negative impacts to the process.

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