Your property and assets, are they still yours? Each state is different but this page will give you a general overview.
Once you have filed bankruptcy, all your assets are now part of the bankruptcy estate. What this means is a trustee for the court now control your assets. They will now deal with your creditors.
That is why first time home buyers may want to consider credit repair as an option instead of bankruptcy. Especially when you consider you may need your assets to buy a home.
However, when things are very bad, bankruptcy can save you financially. It's like throwing a life preserver around your property and assets dollars.
Keeping up with mortgage payments, credit card bills, and car payments over the past few years has become very difficult for many people. And that is not even counting other expenses that are crucial for survival like eating and medical bills.
They wonder how they can go about prioritizing which bills which bills will get paid when there is not enough money to finish out the month. Some are even filing for bankruptcy, and do not know what life after bankruptcy is going to be like. Things are not going to be the same.
Most of those going through this kind of down turn in their financial situation feel that they will never be able to live normal lives again. This is far from the truth, even though your credit rating has tanked.
Life after bankruptcy can be rewarding, but this does take some careful planning. How you rebound from this blow to your self-esteem will be determined by what you do after leaving bankruptcy court. This is very important if you want to avoid ever going through this turmoil again.
The first thing you have to do is stop beating yourself up. Yes, there were some things that went wrong in your life, but they can be fixed if you take the right steps. You have to make peace with what has happened and not dwell on it.
Consider it a lesson learned and regroup so that you can get on with your life after bankruptcy and begin adding property and assets to your life again. Create a budget that is realistic with your income so that you can pay your bills when they are due without sacrificing things that you really need.
When you get this right, and start seeing the light at the end of the tunnel, you will be able to pat yourself on the back and tell your family that you all did a good job. Life after bankruptcy does not have to take a toll on you if you don't want it to.
A friend of mine had to file bankruptcy, but found with careful planning, he was able to actually get a mortgage again. For him it only took two years.
Although this will vary from state to state, you can gain property and assets again. So don't get discouraged!
Is it possible to get a mortgage after bankruptcy? Yes it is. FHA loan products will work with you the best. Learn which FHA programs are the best for you.
But remember, there are some steps you will need to take right away to improve your credit. Learn what these are by reading Rebuild Credit After Bankruptcy.
Perhaps you have more questions? Have a Question gives you an awesome opportunity to pick the brain of an expert, not a legal expert, but one who can help with your credit questions or questions regarding a mortgage after bankruptcy.
Disclaimer: This information is not provided for legal advice or opinion, but is for general information only. Since laws vary from state to state, seek the help of a professional in your area for any legal advice.
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Oct 08, 19 08:33 AM
Hello, I have a question regarding USDA vs. FHA home loans. I am in the process of getting a home in the next month but was told I wouldn't be approved
Aug 05, 19 10:44 PM
Hi Help please! I am a first time home buyer, buying a home with my fiance'. He is selling his home currently on the market for $125K with no contingencies.
Apr 15, 19 12:36 PM
When buying a home out of state, should we wait for employment contracts? Or can we use our current state's bank? Find the answers here.
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