Brady, TX Bankruptcy Law Firms & Lawyers

A Chapter 7 Bankruptcy will stay on your credit report for 10 years. You can still apply for a house loan but the chances of getting one without help from someone else co-signing would be small.

Assuming your name isn't on the deed to the house, you would list the loan as an unsecured, nonpriority creditor on schedule F. If the loan has been transferred, the transfer should be recorded at the county records office. If the transfer hasn't been recorded, then just list the original lender.

In my practice, I've found that most couples can buy a house at reasonable interest in two years after filing a Chapter 7. You'll need to reestablish your credit. That means you have to make your payments on time to a business that reports to the credit agencies. For example, you're renting an apartment or a house, you pay utilities but most landlords and utilities don't report to the credit agencies. Car loans and credit cards generally report, so if you have a car loan, you're rebuilding your credit just by making the payments. When you filed bankruptcy, you received a swarm of car loan and credit card offers - many of these are ripoffs but you should look at them and if there is a low limit credit card with a good interest rate (in your case consider 18% a good interest rate), then apply and make the payment every month.