If you’re considering bankruptcy, you may be wondering, “Can I own anything after bankruptcy?”  A popular myth about bankruptcy is that you cannot own anything for a certain period of time after filing Chapter 7 or 13 bankruptcy.  This is not true.  After bankruptcy you are free to buy, sell, and own anything you want.  Any property acquired after bankruptcy is yours to use as you please.  In addition, you can keep any property that was exempt from the bankruptcy.

However, there are a few exceptions regarding inheritances, property settlements, and life insurance benefits.  If you receive an inheritance, property settlement, or life insurance benefit within 180 days after filing for bankruptcy, that money or property may have to be paid to your creditors (assuming the property or money is not exempt).  This rule exists to prevent abuse of the current bankruptcy laws.  Aside from this one limitation, you are free to own anything you like after bankruptcy.

Many people ask about checking account ownership after filing for bankruptcy.  Can you open a checking account after filing for bankruptcy?  The answer is yes.  Anyone can open a checking account after filing for bankruptcy, assuming you have not bounced a lot of checks in the past.  If you have a history of bouncing checks repeatedly, then you may be denied the ability to open a checking account.

Home ownership after bankruptcy is also possible – although you will usually need to wait for a certain period of time before lenders will work with you. You may be able to get a home loan beginning two years after a Chapter 7 bankruptcy has been discharged, and one year after filing a Chapter 13 bankruptcy.  FHA and VA mortgage loans can be obtained as soon as one year after filing for either Chapter 7 or Chapter 13 bankruptcy.