How long after bankruptcy do I have to wait before buying 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.
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.
By Diane Drain|Published On: April 4th, 2018|Last Updated: July 14th, 2022|
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. 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. Make sure to check out their reviews.*
5 / 5
“You folks are the BEST OF THE BEST in Arizona.” M.H.
You and Jay are the best attorneys I have ever had or needed and thank God for the Honorable Robert Gottsfield in recommending you folks – I would have never made it through the entire process without you and Jay and God Bless you both always and stay in touch as well. You folks are the BEST OF THE BEST in Arizona.
5 / 5
“My only regret is that I didn’t find Diane sooner.” K.H.
I can’t say enough good things about Diane. The way she handled my not typical circumstances was amazing. I was very nervous to start the bankruptcy process but Diane just has a very comforting way of explaining the whole process. My only regret is that I didn’t find Diane sooner. If you find yourself in a financial situation that you can’t correct on your own, please Call Diane Drain as soon as possible.
5 / 5
“Filing for bankruptcy can be a stressful life event” R.A.
Filing for bankruptcy can be a stressful life event, and selecting the right attorney can add to this stress. Diane and Jay were a pleasure to work with, and it is obvious that they are passionate about helping people get their life back on track. I would highly recommend them if you need a bankruptcy attorney.
“She helped me understand why and how certain steps were necessary...” N.G.. I greatly appreciated Diane's thoroughness and ability to explain the process. She helped me understand why and how certain steps [...]
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