Panama City, Florida. — The start of a new year always inspires many people to set new goals, buying a new home is often one of them. For those who have applied bankruptcy, the already stressful process of becoming a homeowner can seem incredibly frustrating and daunting, especially if enough research regarding the required waiting times associated with certain types of bankruptcy is not done beforehand. The encouraging news is that buying a home after filing for bankruptcy can be done; there are simply certain factors to consider first, and good planning is a key part of the whole process.
First, anyone can buy a home with no waiting period (regardless of the normal closing time for a home) if they just plan to pay cash. However, a waiting period will be required for someone who has declared bankruptcy when they need to borrow money to buy a house. In order to determine the required waiting period, several elements must be taken into account, including the type of bankruptcy declared, the cause of the bankruptcy, the type of eligible mortgage and, ultimately, the lender in general. Once all of these factors are taken into account, wait times of one to four years or more may be required. Not to mention that credit ratings can be significantly affected by bankruptcy and will also need time to recover.
For those looking debt relief help, Lewis and Jurnovoy offer free appointments for those considering filing for bankruptcy. Lewis and Jurnovoy’s experienced attorneys can help you with many different types of debt, as well as a variety of financial levels. They work tirelessly to find the best financial solution for each client. For more information on bankruptcy help in or around Panama City, call Lewis and Jurnovoy at (850) 913-9110 or visit them online at www.LewisandJurnovoy.com.
For more information about Lewis & Jurnovoy, PA – PCB, contact the company here:
Lewis & Jurnovoy, Pennsylvania – PCB
2714 West 15th Street
Panama City, FL 32401