If I already have bad credit and can’t buy a house now, shoud I file for bankruptcy? I want to buy 1 someday?
I have tried it all and can’t qualify to buy. I have ongoing medical bills, unpaid medical bills, charge offs, apartment judgements (2), old repossessions, a secured card that stays maxed out. I am caring for my family of 6 on my income only which is around $45K a year. I usually have trouble just paying rent, food, car note, fuel, insurance, electricity, water and cell phone and internet (I use it for work).
I don’t even pay for gas service in my house until winter b/c it is only used to power my heater. My student loan debt from my bachelors and masters programs is huge but I have it consolidated. I don’t have a home phone, cable or any of that frivolous stuff. Yet in all honesty, I cannot see myself raising my credit score enough to buy because everything I try I can’t keep up (like the secured card). I max it out on food or gas every month.
Now you know my financial story, would bankruptcy help me? Someone told me not to file because I won’t be able to buy a house for 10 years, but at the rate I’m going I won’t be able to anyway unless I have a rich uncle or a genie.
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If you file a Chapter 7, it will stay on your credit report for 10 years. However, your credit will slowly improve over time. And, really, I doubt your credit rating would drop much considering all of the other negative stuff you have going on.
As for getting a house, banks are all about evaluating risk. If you have judgments and collections out there, those are going to hurt your debt/income ratios and make it impossible for you to buy a house. On the other hand, if you get a discharge, change your spending habits, get yourself on a debt management and saving plan, in five years you could be sitting pretty with a healthy down payment and no revolving debts. The main problem is that you are not managing your money well right now, and that has to change. You really need to think about this decision as a life altering one. Decide what you want and then chart a path to get there. I would guess that your path will include bankruptcy, but you really need to decide that you aren’t going to continue with the same spending habits after bankruptcy.
By the way, your federal student loans are not dischargeable in bankruptcy, so you will have to find a way to pay those.
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Try pre purchase counseling at and you will get a better idea. Its free.
also try your local county government for any assistance for first time home buyers.
or try habitat for humanity - you may quality for a free house under one of their programs!