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Will I ever be able to buy a home after bankruptcy?

On Behalf of | Dec 8, 2018 | Bankruptcy |

If you are like many of the people in Ohio who are struggling with unmanageable levels of debt, you might have considered filing for bankruptcy at least once. Seeking debt relief via a bankruptcy, whether a Chapter 7 or a Chapter 13 plan, is a big step that does require thorough investigation. This investigation can help you identify if bankruptcy is right for you and which type of plan might be best for you. It can also help you to feel more confident about your financial future after a bankruptcy.

Contrary to what some consumers might think, it can be very possible for you to buy a home again even if you have previously filed for bankruptcy. As explained by SmartAsset, one of the biggest factors a potential lender will look at is how you have handled your financial affairs since your bankruptcy. For this reason, it is important for you to focus on rebuilding your credit and even amassing a nice savings nest egg.

You will likely have to wait at least two years after your bankruptcy discharge before applying for a new mortgage, although the exact length of time you have to wait may vary based in part on the type of loan you are applying for. 

This information is not intended to provide legal advice but is instead meant to give residents in Ohio some reassurance that filing for bankruptcy does not represent the end of their financial lives by explaining how they may one day buy and own a home again.


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