After filing bankruptcy in IL, how long until you can purchase a house?
Answer:
I'd say at LEAST five years, perhaps more like ten. You are going to need to establish some amazing credit and prove to a lending institution that you are not the same person who filed bankruptcy back then. You will need to make smart and strategic moves to bump that credit score back up, and you don't want to make the smallest mistake either that will knock you back down.
Tighten your belt, save hard, pay every debt, do some research on re-establishing your credit. Only when you can prove to a lender that you are managing your credit well again will they trust you with a mortgage. Unfortunately most lenders will assume you are bad, regardless of mitigating circumstances.
Depends..probably 5 years.
as soon as 2 yrs.
It depends though, on the severity of your bankruptcy. A not so bad case of bankruptcy would be a bunch of credit cards that totaled no more than $30,000.
A bad case would be losing a mortgage on home, or losing financing for a car, or defaulting student loans.
Also, your credit history before the bankruptcy is taken into consideration. I had great credit the years before the bankruptcy, I just went through a rough patch after graduating and my credit card balances got out of control in a matter of 6 months. So as you can see I'm lucky because my history was good-showing that if circumstances allow I can be responsible with credit and I only had problems with credit cards, no home loan, or student loans, medical bills, or car finance.
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