filing bankruptcy

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After filing bankruptcy, there can be many unknowns. Will this affect your job? Your relationships? Your financial future?

Sometimes, bankruptcy is a necessary step to get back on track and move forward. The good news is, by filing bankruptcy, you are taking the first step to eliminating debt and starting fresh.

And if you didn’t own your home prior to filing, you might be wondering when you can apply for a mortgage after it’s all said and done.

Filing bankruptcy doesn’t mean you will never qualify for credit again and there are steps you can take to move forward.

One of the first things you can do, if you are consider applying for a mortgage after bankruptcy, is to check your credit report about two or three months after your bankruptcy is complete.

Check to see if the bankruptcy discharge is listed and that your credit report is accurate and true. You can get your credit report once a year for free by going to this site:

If you are ready to apply for a loan, make sure you try and get prequalified BEFORE you start hunting for a house. It will help if you can provide your mortgage lender with an explanation of your bankruptcy and getting prequalified will help eliminate frustration when you find your dream home – and want to make an offer.

Also, make sure you check different lenders, as they all have different rules. An FHA or VA loan is different from a conventional loan.

The type of bankruptcy you filed for may affect your future as well. Even though there is not a hard or fast rule about how long to wait after bankruptcy to apply for a loan, a 2-4 year time is reasonable. A mortgage loan, for example, will require a longer wait time than a car loan.

Mina Nami Khorrami LLC

The bankruptcy experts at Mina Nami Khorrami LLC can help you navigate your life before, during and after filing bankruptcy. Contact us today at 614-857-9590.






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