Can you get a mortgage after you file for Chapter 7 bankruptcy? The answer is yes; however, you should learn as much as you can about Philadelphia mortgages after Chapter 7 bankruptcy. At The Law Offices of David M. Offen, we help people file for bankruptcy protection and provide other debt relief services. If you are overwhelmed with debt, but are uncertain whether you want to file for bankruptcy, come in and talk to us. We can answer any questions you may have about obtaining loans after Chapter 7 bankruptcy in Philadelphia PA.
Mortgages after Chapter 7 Bankruptcy in Philadelphia PA
A Chapter 7 bankruptcy is often referred to as liquidation bankruptcy. As long as you pass a “means test,” your debts will be discharged. While this can affect your credit, it has already probably taken a pretty good hit from your debt as it is. For example, late payments, foreclosures and repossessions can all lower your credit score significantly. Once your bankruptcy is discharged, your credit will slowly begin to improve.
Philadelphia Loans after Chapter 7 Bankruptcy
Once your credit begins to improve, you may find that you are receiving credit card offers and perhaps even an offer for a car loan. It usually takes about 24 to 36 months to be eligible for Philadelphia mortgages after Chapter 7 bankruptcy. The interest rate on credit cards and car loans will likely be higher than normal, but this gives you a chance to prove your creditworthiness again.
Why Choose The Law Offices of David M. Offen?
There are several reasons to choose The Law Offices of David M. Offen, including:
- More than 20 years of experience
- Over 10,000 clients
- More than 9,500 bankruptcies
- Dozens of positive reviews
If you are in need of Philadelphia mortgages after Chapter 7 bankruptcy, it’s best to speak with a knowledgeable attorney. At The Law Offices of David M. Offen, we have the experience and knowledge to help you understand all your options for debt relief and bankruptcy. Call 215-625-9600 to schedule a free consultation.