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  • Spectacular!

    I liked your fast, friendly service. You were all knowledgeable in the area of bankruptcy. Your treatment of me as a client was spectacular! You were great at promptly responding to my questions and concerns. I loved that you provided courteous and quick responses to all my questions.
    --Donna
  • Highly Recommended!

    I have worked with Seth and he is the utmost professional in how he works with his clients. If you need an attorney you can trust I would highly recommend the Law Office of Seth Hanson.
    --David
  • Very Professional.

    Everyone was very professional and efficient. Seth, and everyone that I had contact with were very knowledgeable. I was very pleased with how we were treated by his staff. My questions were always answered promptly. I was very pleased with the service I received and would not hesitate to refer someone to your firm.
    --Anonymous
  • Non-judgmental.

    You were very open and answered all of my questions. You never made me feel like I was asking a dumb question. I was comfortable with your knowledge of the law. It was hard for me to make this decision to move forward in my life. Everyone was friendly to me and respectful. Non-judgmental. Every question I asked was answered promptly and appropriately. I would recommend you.
    --Anonymous
  • More Than Expected!

    I found the firm's representation to be more than what I expected. I was always kept in the loop, all my questions were answered (whether or not I asked more than once the same question), and I felt completely supported by the firm staff when going through this (at times) scary ordeal. Thank you again.
    --Joanna
  • Very Impressed!

    I liked that you had very friendly, caring staff. You were all very knowledgeable. Your treatment towards me was excellent and you quickly responded to all my concerns. If a friend asked of your overall impression, I would say that we were very impressed and we would recommend you to them.
    --Danielle

Mortgages During Bankruptcy

Bankruptcy can be a difficult and stressful time for individuals and families who find themselves struggling with overwhelming debt. The process of bankruptcy can have significant impacts on various aspects of one’s life, including their ability to purchase a home.

 

First and foremost, it is important to understand the different types of bankruptcy and how they may impact your ability to purchase a home. There are two primary types of bankruptcy: Chapter 7 and Chapter 13.

 

Chapter 7 bankruptcy is also known as a “liquidation” bankruptcy. In this type of bankruptcy, your non-exempt assets are sold to pay off your creditors, and any remaining debt is discharged. Chapter 7 bankruptcy typically takes about three and a half months to complete.

 

Chapter 13 bankruptcy, on the other hand, is a “reorganization” bankruptcy. In this type of bankruptcy, you will work with a court-appointed trustee to develop a five-year repayment plan that requires you to pay off a portion your debts (based on your ability to pay). During this time, you will make regular payments to the trustee, who will then distribute the funds to your creditors.

 

Now, let’s consider the question of whether or not it is possible to buy a house during bankruptcy. The short answer is that it depends on a variety of factors, including the type of bankruptcy you file, your credit score, and your financial situation.

 

If you are in the process of Chapter 7 bankruptcy, it is unlikely that you will be able to purchase a home. This is because the bankruptcy trustee will be liquidating your assets to pay off your creditors, and any new debts you incur could be seen as a hindrance to that process. Once your Chapter 7 bankruptcy is complete, you will likely be facing a two-year waiting period before the bankruptcy no longer counts against you.

 

If you are in the process of Chapter 13 bankruptcy, it may be possible to purchase a home, but it will likely be more difficult than if you were not in bankruptcy. You will need to obtain permission from the bankruptcy court to take on new debt and you will need to demonstrate that you have the ability to make your mortgage payments in addition to your other obligations under your repayment plan.

 

In addition to the above factors, your credit score will also play a significant role in your ability to purchase a home during bankruptcy. If your credit score has taken a significant hit as a result of your Stockton bankruptcy, you may have a difficult time obtaining a mortgage or may need to pay a higher interest rate.

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