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Bk 7 discharged sept 2012/ house foreclosed 12/2012. I need to purchase a car but don't want it to effect the future house

Lilburn, GA |

1st priority is buying a house when I can, when will that be and can I purchase a car before that and still be able to buy a house after 2 or 3 year after bk7. Just need help knowing when I can or should do this.

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Attorney answers 3


Those are questions for lenders, not lawyers, and are based on your other circumstances.



I didn't think so, I don't know the laws of bk 7. The when's and where's? When can I legally purchase a house or car? I know there's a time frame? I know a lawyer will not be able to tell me if I can or can't not purchase a house. But I need to know if and when I can legally do so? Thanks


None of your question is a legal one, as car and house lenders all make their own lending decisions.

Your 2012 house foreclosure will stop some lenders from loaning on a house for one to three years. And all lenders for the next ten years will know about the bankruptcy, and that may or may not affect borrowing and rates.

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The bankruptcy itself will not cause you to be unable to purchase either, although it may take a while for your credit to rebound. I do know that many mortgage lenders will not lend until at least one year after the foreclosure, but there is no rule set in stone. As to whether or not a car would affect this, lenders for mortgages look primarily at income and debt ratio. Incurring debt on a car would affect the latter. I suggest speaking to a mortgage company to have them look at you for prequalification purposes before you finance a vehicle to see where you stand.

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