Can I Buy A Home After Filing Bankruptcy?

One of the biggest myths surrounding bankruptcy has to do with credit after bankruptcy. People worry about being able to get credit cards, buy car with financing and even qualifying to buy a house! If you share these concerns you need to seek the services of a seasoned Miami bankruptcy attorney!

We are not going to lie to you! Going into bankruptcy puts a stop to your ability to borrow money or use a credit card in the short term. However, many internet articles predict that it severely lowers your credit score.  These are all half truth! Yes, bankruptcy will impacts your credit and your ability to borrow in the short run.  As a bankruptcy attorney in Miami with more than 23 years in practice our experience is been that people who come to us have already experience a huge credit score drop. These types of drops are the worse type because it is usually cause by late payments, and default on unsecure debt!

Regardless of what anyone may tell you bankruptcy is one of the best ways to reset your credit! Bankruptcy is not the end of your credit but rather a legal instrument that is an option to you and one that can reset your credit. When properly filed by a seasoned Miami bankruptcy lawyer it eliminates many if not all legal obligation of the debtor to pay the debts that existed at the time of the filing. This is why bankruptcy 7 bankruptcy is often call “a fresh start”

After filing bankruptcy and with with proper preparation, patience and financial planning, you might be able to purchase a home sooner than expected. Start by requesting your credit report about 6 month after your discharge. You need to go through it and identify any mistakes including debt that were discharge but are still showing as owed. Second, look for banks, preferably your banks, who offer secured credit cards.  Borrow small, manageable amounts and re-pay quickly. Avoid large debt such as cars etc. Third open a savings account and make it a habit to make weekly or monthly deposits. Many of our clients who follow these procedures have been able to build enough credit allowing them to apply for mortgage loans and buy a house after bankruptcy!

If you are struggling with debt, bankruptcy is not the end of your credit seek the help of an experience bankruptcy attorney. The Miamibankruptcy law firm of Alberto Hernandez has been helping people get out of debt since 1991! Contact us today for a FREE no obligation consultation.