Hey Buddy,
Have you ever declared bankruptcy? If so, it could seem impossible for your financial situation to ever get back to normal. The reality is that bankruptcy does not have a lasting negative impact on your credit score. If you know what to do, it's even possible to purchase a property after filing for bankruptcy. However, in such a time the main question that arises in your mind is how long after bankruptcy can you buy a house?
Calculate EMI on home loan via NoBroker EMI calculator Check out CIBIL score to ensure your home loan eligibility How long after bankruptcy can I buy a house?You could need to wait for one to four years after declaring bankruptcy, depending on the kind of mortgage you qualify for, your lender, the sort of bankruptcy you declared, and the reason for your bankruptcy. Additionally, you will need to wait until your credit has improved sufficiently for you to be approved for a mortgage.
Although the Insolvency and Bankruptcy Code in India permits individuals to petition for bankruptcy, the procedure is not as straightforward for them as it is for corporate companies (IBC). Although there are regulations for personal bankruptcy as well, the IBC has not yet been informed.
The Presidency Towns Insolvency Act, of 1909, governs residents of Mumbai, Kolkata, and Chennai; the Provincial Insolvency Act, of 1920, governs residents of the rest of India. Both laws are comparable and will eventually be superseded by the IBC.
The court will decide whether to accept or reject the application after determining whether the requirements for filing bankruptcy have been met. An interim receiver is given control of the debtor's assets while the application is being decided. The court may order a stay of any legal actions taken against the debtor's property or assets if the application is accepted. In other words, you can obtain a stay order to halt further debtor collection efforts.
When your application is approved, the "receiver" becomes the legal owner of your property chosen by the legal system. Unless a compromise you've offered has been accepted by your creditors and the court, this official then distributes your assets among the creditors. You will be "discharged from bankruptcy" once this procedure is finished, you will have the chance to start over with your life and finances thanks to the court, free from the harassment of your prior creditors.
You can ask the court for a minimum maintenance payment while the insolvency case is still on the docket to ensure your family's survival.
Hence, to answer your query, how long after bankruptcy can you buy a house? I would like to say that you will have to wait till you are discharged from bankruptcy. I hope this helps:)
Read More:
What is the Insolvency and Bankruptcy Code 2016? How registrar can remove a bankrupt housing society secretary?Your Feedback Matters! How was this Answer?
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Authors Of The Question
How Long After Bankruptcy Can You Buy A House?
Karishma
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1 Answers
2 Year
2022-11-21T20:16:40+00:00 2022-11-21T20:17:22+00:00Comment
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