Bowen Ten Cardani, PC

Call Us For Your Initial Consultation


Recovering from filing for bankruptcy in Virginia

If an individual has filed for bankruptcy, they can expect to take a hit on their credit score and have the fact that they have filed noted on their credit report for the next several years. This can make it challenging to obtain credit after filing, but it may be possible if people are willing to deal with higher interest rates and larger potential penalties. In some cases, individuals who have recently filed may be attractive to certain lenders because of how long people have to wait before filing for bankruptcy again.

In theory, an individual could obtain a home or car loan the day after filing for bankruptcy. However, how soon someone is able to obtain loans for these types of purchases depends on their particular circumstances. Most people only have to wait 18 to 24 months after filing to obtain a mortgage, and the Federal Housing Administration even has guidelines in place that allow people to obtain a home loan as soon as two years after a filing.

While home loans may be available, it is important to avoid agencies that take advantage of those who have recently filed for bankruptcy. According to a spokeswoman for the National Association of Realtors, people should be wary of interest rates that are greater than two or three percent higher than conventional rates.

While bankruptcy can make it more difficult to get home or personal loans with low interest rates shortly after filing, someone's ability to obtain credit is likely to already be impaired by large amounts of outstanding debt. A bankruptcy attorney may be able to assist an individual with understanding the timelines associated with filing for bankruptcy as well as the process involved.

No Comments

Leave a comment
Comment Information
Email Us For A Response

We’re ready to work with you.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Bowen Ten Cardani, PC

Richmond Office
3957 Westerre Parkway, Suite 105
Richmond, VA 23233

Toll Free: 866-601-7371
Phone: 804-767-6850
Richmond Law Office Map

Ashland Office
9410 Atlee Commerce Blvd, Suite 2
Ashland, VA 23005

Toll Free: 866-601-7371
Phone: 804-767-6850
Ashland Law Office Map

Rated By | Super Lawyers | Rising Stars Britney McPheron
Super Lawyers | K. Matthew Long