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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


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.

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 AR ALL SCAMS!!


Related articles:

Credit Score Destroying My Life

Credit Repair Scams

Rebuilding Your Credit Score After Bankruptcy

About the Author:

Diane L. DrainDiane L. Drain is a well known and respected Arizona bankruptcy attorney. She is an expert in both consumer bankruptcy and Arizona foreclosure. Since 1985 she has been a dedicated advocate for her clients and spokesperson for Arizona citizens. As a teacher and retired law professor, Diane believes in offering everyone, not just her clients, advice about the Arizona bankruptcy and foreclosure laws. She is also a mentor to hundreds of Arizona attorneys.

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*Important Note from Diane: Everything on this web site is available for educational purposes only, is not intended to provide legal advice nor create an attorney client relationship between you, me, or the author of any article.  Any information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state.*