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Mr Zimmerman was helpful and kind and prompt . He always answers his phone and that is refreshing . I will be using him for my bankruptcy in the future. He is one of the good ones . He is an outstanding attorney who truley care . He made ev...
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Mr. Zimmermann is a fantastic bankruptcy attorney who handled my case with care, efficiency and urgency. We were able to beat a judgement against me in the nick of time, and I truly feel a sense of relief due to the services of Mr. Zimmerma...
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This Lawyer will go above and beyond for you. As well as show tremendous empathy for those who are vulnerable and scared. His compassion to help civilian's shows through his actions and with his word. When he says he is going to call he cal...
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I’ve worked with Mr.Zimmerman on two different legal issues. In both instances he was fantastic! He is extremely knowledgeable and compassionate and able to breakdown a course of action into language anyone can understand. I would highly re...
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I highly recommend Mr. Zimmermann as an attorny. I recently purchased an investment property and boy was he helpful. He was easily available, very clear in explaining various concepts, laws and regulations, and provided very helpful tips o...
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- posted: Feb. 27, 2026
Filing for bankruptcy should not be thought of as a setback, but a critical milestone on the path to financial security. Though there might be some challenges along the way, many people are surprised at how quickly they can return to pursuing their personal and financial goals following a bankruptcy. For many Americans, one of these goals is owning their own home.
You should know that bankruptcy does not permanently bar someone from obtaining a mortgage. Financial institutions assess each loan application on its own merits, and successfully completing the bankruptcy process is a good way to demonstrate that you are a worthy risk. Lenders typically require mortgage applicants to show that they have met their financial obligations for a certain amount of time following their bankruptcy, sometimes referred to as a “seasoning period.”
The particular seasoning period imposed by a financial institution typically depends on multiple factors. Someone who receives a Chapter 7 debt discharge will usually have to wait longer than an individual who sought protection under Chapter 13. In fact, someone earning a steady income who is meeting the obligations of their Chapter 13 schedule might even be able to get a loan during the course of their repayment plan.
Another important factor is the type of loan a prospective homeowner is seeking. Government-backed mortgages, such as those obtained through the Federal Housing Administration or the Department of Veterans Affairs usually do not require applicants to wait as long as conventional loans. For example, while it might take four years following a debt discharge to be approved for a standard mortgage, this timeframe could be cut in half if it is a VA or FHA loan.
There’s no guarantee that a bank will approve a mortgage application simply because their waiting period has passed. Lenders will closely evaluate your financial profile to determine whether you are a reasonable credit risk. You must show stable, sufficient income to meet monthly mortgage payments and other obligations. Moreover, financial institutions often request a letter of explanation detailing what led to the bankruptcy and explaining why you’re now on more solid financial ground.
The Law Offices of James C. Zimmermann guides New Jersey residents through the bankruptcy process and outlines the long- and short-term effects of filing for this form of debt relief. To schedule a free initial consultation, please call 973-764-1633 or contact us online. Our five North Jersey offices are in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley.
