One of the things that people are most scared about, when it comes to bankruptcy, is that people believe that they will never be able to obtain credit again. They think that no one will give them a credit card, no one will give them a car loan, and finally no one will let them buy a house again. This is completely false. While bankruptcy does remain on your credit report for ten years, it doesn’t entirely prevent you from obtaining credit to get a credit card, a car, or a home.
A debtor is able to obtain an FHA loan for a home approximately two years after their bankruptcy discharge as long as their credit score is 650 or higher and they are able to put down 3.5% of the purchase price.
Don’t let the word “bankruptcy” scare you into believing that you will never be able to live your life again, rather think of bankruptcy as a means to obtain a fresh start. If you are thinking about filing for bankruptcy and would like to discuss your options with a bankruptcy lawyer in Florida then please contact Shmucher Law, PL at 954.309.5559 or 305.741.5553. We offer free consultations in Boca Raton, Fort Lauderdale, Miami, Plantation, and Sunrise Florida.