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How soon after a bankruptcy filing can you buy a house? Atlanta, GA

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How soon after a bankruptcy filing can you buy a house?

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If you are dealing with significant debt and contemplating bankruptcy, you may be put off by the potential damage that a personal bankruptcy filing could do to your credit score. The common belief among debtors in Atlanta and throughout the country is that a Chapter 7 or Chapter 13 bankruptcy causes significant and lasting damage to your credit rating, to the point that you will be unable to buy a home or take out a loan for up to a decade.

However, this is generally not the case. In fact, homeowners may be able to obtain a new mortgage or refinance an existing home loan in as little as one year after exiting the bankruptcy process, depending on the circumstances or their bankruptcy case and its resolution.

Specifically, mortgages that are guaranteed by the Federal Housing Administration are allowed one year after a potential buyer exists the Chapter 13 bankruptcy reorganization process, and two years after an exit from a Chapter 7 liquidation. The waiting period for Chapter 13 is generally shorter because it includes a partial repayment of the filer’s debts, which lenders see as more responsible.

Fannie Mae and Freddie Mac guidelines are slightly longer, requiring a waiting period of two to four years. But even this timeline is significantly shorter than most people believe.

Certainly, it is not just the passage of that waiting period that will dictate whether a person who files for bankruptcy will be eligible for a mortgage. The filer must also demonstrate that they can manage their credit responsibly by paying their bills on time, and possibly by taking out and making timely payments on a new secured credit card.

Source: New York Times, “Life After Bankruptcy,” Vickie Elmer, September 13, 2012

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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    Jamie L. Gingold, PC
    5.0 / 5.0

    Based on 28 reviews

    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

    Karen B.

    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

    Lyla B.

    I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

    Julie T.

    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

    Julie T.

    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at ease. I met with Jaime Gingold. She was very nice and explained the procedure to me and what would be left owing to the Internal Revenue Service and the State of Georgia after my case was done. My case has now been completed and I am on my way to a new start. Thank you Gingold and Gingold for all of your help.

    Anna T.

    Amazing! Outstanding!! They went over and beyond..I would recommend them to anyone needing a lawyer!!

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