Re: 2-Year Rule after Bankruptcy
Congrats on getting a vehicle and working the financing to your advantage, well done. I just don't want to scare folks on the two year rule; that pertains to mortgages not necessarily installment loans like vehicles. I was discharged 3.12.11 and financed a 2011 Chevy Cruze on 3.17.2011, there is life after BK - it's the BK lessons learned that need to be practiced in that post-BK life.
It’s a two year minimum for a new mortgage IF you did not BK a prior mortgage, its three years if you BK a prior mortgage starting from the date of removal of your name from title. Of course this is FHA financing and everyone’s situations are different; but with good solid credit sense and little patience it is possible to move on from a BK.
Last edited by Desdemona; 03.26.2012 at 12:48.
Reason: spelling %)
Breathe In ~ Breathe Out ~ Move On