Oak Park Real Estate & Estate Planning Blog

Are you thinking about filing for bankruptcy? Or have you recently filed for bankruptcy or received a discharge? The answer to these questions can become more complex when you are also thinking about your options for buying a house. Whether you are a first-time homebuyer or you have owned a home in the past—even if the house has been at risk of or has gone into foreclosure—the most important thing to know is that you can be eligible to buy a house after bankruptcy. To be clear, filing for bankruptcy and receiving a discharge does not mean that you will never be able to buy a house. While you will need to learn about certain waiting periods and rebuilding your credit, you should be hopeful about home ownership following your bankruptcy case. A recent article in House Digest discusses the ins and outs of buying a house after filing for bankruptcy, and our Oak Park bankruptcy lawyers want to provide you with more information. Know Bankruptcy Will Impact Your Credit But Will Not Prevent Y...

For consumers who have previously filed for bankruptcy or have general concerns about their access to credit , a new rule may provide some help. According to a recent news release from the Consumer Financial Protection Bureau (CFPB), the agency has “finalized a rule to improve information reported about the residential mortgage market.” What will the rule do? In short, it will update the reporting requirements for the Home Mortgage Disclosure Act (HMDA). By updating reporting requirements, we will have better knowledge of consumer access to mortgage credit. What is the Largest Consumer Financial Market? The Mortgage Market If we want to ensure that Chicago consumers are continuing to recover from the financial crisis and are bouncing back after filing for personal bankruptcy , we need to know more about how the largest consumer financial market in the world is working. What is the largest consumer financial market in the world? According to the CFPB Director Richard C...