And when am I able to purchase a house or a car? I'm a single mom raising 2 little girls wanting to start fresh but I'm curious as to if I file either one of these how long will take me to purchase a house or a new car?

Hi,
This is a complicated question and whether you file a Chapter 7 or 13 will depend on your situation. Generally, Chapter 7 is quicker and "easier" and is a good choice for people who don't have assets they may lose (like a house with lots of equity or an expensive car) or people with low income. Chapter 13, on the other hand, is a good option for people that need to catch up on car payment or mortgage payments, people with an "unsecured" second mortgage and people that don't qualify for chapter 7 based on income or because of a previous filing. As for rebuiliding credit, there are many things you can do after the bankruptcy. No one will be able to tell you exactly when you will be able to finance a car or a house, but for most of my clients, bankruptcy actually improves their credit, because when their debts are discharged and they have a new start they make "better borrowers" than people with outstanding debt.

Hope this helps!

Honestly, I'm not picking on you - but this is from October 2008 and the OP has never been back to check for responses.

There are many newer posts where people need help.

I know the site is complicated but you have to keep an eye on the dates.

Thanks. I really do appreciate your help while I am apparently stumbling through the process. However, I did find this site only by googling a question someone has previously asked and received an answer for it that was very helpful. While I appreciate the need to respond to people looking for answers right now, I think there is some value to answering an "old" question, since a person looking for the answer right now may have a similar question and may not know about this site or how to register.

I don't disagree but that is not Board policy. There are so many new questions every day, people waiting for answers, that spending time on old questions makes little sense, particularly when the OP hasn't come back. Every time an "old" question is answered everyone who responded is notified so "we" all then click on to discover it's an old thread.

If you use the search feature or Google you are in the minority - which you will learn after you've answered the same question for the thousandth time.

When I search I never go back more than a year - laws change, people from years ago may very well have been guessing or else I don't know who they are (unfamiliar names).