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OK, take it from someone that has been a Loan originator in the mortgage industry and is currently going through bankruptcy right now. Filing bankrupt is a pain in the ass, yes, but it is not as bad or as hard as you might think.
First of all you are looking to purchase a house soon. As a rule you can purchase a house the first day out of bankruptcy. Now you have to keep you credit score above a 500 and you can get financed, but you will have to put money down, depending on your score will depend on how much but usually around 20%. You do not have to get a loan with a pre payment penalty like someone else has said, you can buy those out at the begining with a higher interest rate. I know First Franklin is a good place to get a loan after bancruptcy. Now 2 years out of bankruptcy you can get a conforming loan. which means you can buy with little down and get the best interest rates assuming you have rebuilt your credit since the bankruptcy with good loans that are paid on time. Mortgage brokers do not go by the old rules anymore now with the automated underwriting systems, so it will all depend on what you are making and how stable you have been with your job at the time, etc.
As for fileing in the first place, it all depends on how much debt you have, do you own a home? do you have any equity, do you have anything you think they would want to take from you if you do file. (boat, cars, RVs)
Also do not go to a credit conciling/consolidation places cause lenders see thoughs the same as they would a chapter 13 bankruptcy. Also there are no differences in the eyes of a lender when you file a 7 or 13. !3 you have to pay back and 7 you do not. as long as you do not have steady income of more then your expenses they will not make you file a 13.
Bankruptcy will last on your credit for 10 years not 7. Assuming you check up on your credit though the procces with one of the agency (which you can for free) you should be able to get your credit back up to par in a few years no question.
Also if you have any student loans you cannot file on those. And if you do plan on filing don't go out and spend a lot of money on your cards. you have to do that 90 days before you file or they can make you pay that back.
But what you also need to do is check your state laws on that also.
Tell ya what, if you like you can PM me about your specific situation and I can help you make a wise desicion
Also if you credit is in shambles you can always buy a house contract for deed.
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It's hard to remember we're alive for the first time
It's hard to remember we're alive for the last time
It's hard to remember to live before you die
It's hard to remember that our lives are such a short time
It's hard to remember when it takes such a long time
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