Fort Walton, Florida. – As the New Year is in full swing, many people are starting to work on their New Year’s resolutions and goals. While some people aim to lose weight or lose a certain number of pounds over the course of the year, others are at a point in their lives where their goal is to buy a home by the end of the year. of 2022. It can be an exciting, yet daunting task. , especially if the person has filed for bankruptcy in the past. Some may even ask if it is possible for someone who has filed for bankruptcy to now buy a house; the answer is yes, but there are several factors to consider when considering doing so. Bankruptcy attorneys Lewis and Jurnovoy are here to lay out those factors.
The first factor to consider is the different bankruptcy periods, as they can prevent a person from buying a house immediately. Another aspect of the process is determining whether the person is going to pay cash or apply for a mortgage. For those paying in cash, it makes no difference if they have already gone bankrupt. However, the most common way to buy a home – through a mortgage – is not always feasible for those who have filed for bankruptcy, but it often is. According to Forbes Advisor: “Depending on the type of mortgage you qualify for, your lender, the type of bankruptcy you filed, and the cause of your bankruptcy, you may have to wait one to four years after filing for bankruptcy. You will also have to wait until your credit score has recovered enough to qualify for a mortgage.
Ultimately, the most important thing is for people to be well informed when making such an important decision, as there are multiple facets to consider throughout the process.
For those currently seeking debt help, Lewis and Jurnovoy offer free appointments where they will assess the individual’s financial situation. They work hard to find the optimal solutions for each of their clients. For more information about bankruptcy assistance in or around Fort Walton, call Lewis and Jurnovoy at (850) 863-9110 or visit them online at www.LewisandJurnovoy.com.
For more information about Lewis & Jurnovoy, PA-FWB, contact the company here:
Lewis & Jurnovoy, PA – FWB
Steven D. Jurnovoy and Martin S. Lewis
151 South Mary Esther Cut Off NW Ste 103, Mary Esther, FL 32569