How long after bankruptcy do I have to wait before buying a home?

buy a home

So many questions about bankruptcy.

Anyone who either filed for bankruptcy or is considering it has asked “how long before I can buy a new home”?  Attached is a spreadsheet which purports to detail the answer to this question.  But, beware – each of the lenders can and do change their minds every few months.  Also, there is nothing written in stone that says a lender must follow these guidelines.  They are only suggestions.

Here is the link (dated April, 2018)

The more important question should be “is bankruptcy a good way to get a fresh start for myself and my family?”

It is very important to focus on what you and your family need today, with a plan for the short term future, such as paying off the car.

Buying a home will come later.  Many of my clients report that they were able to purchase a new home within two years after filing the bankruptcy, but this really depended on their post-bankruptcy payment history.  It also depends on whether they have the financial ability to pay for a home (which costs far more than the monthly payment).  Too often I see my clients fail in their goal to buy a home because they fall back into the trap of living off credit cards (sometimes that is a very hard habit to break).



I offer each of my clients a book and articles on how to rebuild their credit, with the hopes that some of the ideas will be helpful.  I also warn them about buying into any fast and easy “credit repair”.  THEY ARE ALL SCAMS!!  Don’t throw away your hard earned money and hopes for a better future on these frauds.