Finding Solutions That Focus On Individual Needs

Our attorneys use their extensive experience to help our clients find solutions that focus on their specific needs and goals.

Finding Solutions That Focus On Individual Needs

Wage-earner plan: Purchasing or leasing a home after bankruptcy

On Behalf of | Oct 12, 2017 | Chapter 13 |

When facing prolonged periods of financial hardship, individuals in Maryland and elsewhere may have certain reservations concerning the available options for relief. Those who have thought about pursuing relief through a wage-earner plan might wonder about the impact a similar process could have on their ability to purchase or rent a home. However, this form of hesitation may be unnecessary, and seeking guidance could help one overcome any previous concerns.

Filing for bankruptcy will inherently have an impact on a person’s credit, and while this may make it more difficult to rent or buy a home, it doesn’t necessarily make it impossible. Landlords and lenders may take one’s credit score into account when determining eligibility, but they may also consider additional factors as well. For example, when attempting to rent a home, if one can provide letters of recommendation and reference from a current landlord or other viable sources, the process could be much less difficult.

After filing for Chapter 13 bankruptcy, an individual may also be eligible to apply for a mortgage through the Federal Housing Administration provided certain conditions are present. This may include documentation of satisfactory performance of financial obligations for up to one year of the agreement. In addition, one may also need to obtain written permission from the bankruptcy court to pursue a new mortgage.

While renting or buying a home could seem somewhat more challenging under these circumstances, continuing to struggle with debts in favor of avoiding certain outlets for relief could prove much more detrimental. When facing financial hardships, a person could speak with a bankruptcy attorney for advice on the benefits of a wage-earner plan. An attorney can provide a client in Maryland with advice on each available option, as well as their potential outcomes, and assist in pursuing relief from debts through the necessary outlets.

Source:, “After Chapter 13 Bankruptcy, Can You Still Rent or Buy a Home?”, Jeanne Sager, Accessed on Oct. 10, 2017

AV Preeminent Peer Rated for Highest Level of Professional Excellence
Rated By Super Lawyers Richard B. Rosenblatt
MSBA Maryland State Bar Association | The Law Offices of Richard B. Rosenblatt, PC | Calificanos
V.B.A. The Virginia Bar Association
DC Bar