state bankruptcy rates
If I file for bankruptcy and save my money how long till I could buy a house?
My credit is pretty bad, includes about 20 different items in collections and has been bad for about 4 years. Collections include credit cards, checking accounts, savings accounts, an apartment, cell phone accounts, a video rental, gyms, a library, a college, car insurance companies, and probably others I forgot to mention.
Also after all the arbitrary fees and arbitrary interest rates I supposedly owe $20,000 on the credit cards. They’re outside my state’s statue of limitations. Also is it better to negotiate this down and pay for a fraction of the balance on the larger debts, or just file bankruptcy and start over?
I recently landed a good job and other circumstances where I should be able to save cash fast, possibly up to $15,000 a year.
If I could save for a down payment and let this show as being in my past on my credit how many years from now would it be feasible to expect to be able to qualify to buy a house
Your credit report retains bad credit information for 7 years from the date the lender stops reporting you.
Chapter 7 bankruptcy stays on your report for 10 years.
Chapter 13 stays on for 7 years.
This doesn’t mean you can’t buy a home after bankruptcy, but it would probably be four or five years and you would need to build your credit history back up before you could do that.
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