, The attorneys of Newman Williams PC ,

It is possible to purchase a home after bankruptcy

On Behalf of | Aug 7, 2020 | Bankruptcy Law

Many Stroudsburg area residents have had financial difficulties they have had to overcome. Whether it be unexpected medical bills, a job lay-off, education expenses, etc. Bills and credit card statements can begin to add up and it can be hard for a person to get out from under it all. Declaring bankruptcy can be a way for a person to make a financial fresh start. But it does not mean that they will never be able to return to financial normalcy. A person can still buy a home after going through the bankruptcy process.

Purchasing a home is a dream that many people have. Going through a bankruptcy does not have to stop those dreams from happening. There are steps a person can take after a bankruptcy has been discharged to purchase a house.

A person who is looking to purchase a house should take these steps after bankruptcy:

  • Review credit report. A person should examine their credit report for any discrepancies and make sure those are resolved.
  • Create a budget. A budget can help make sure a person is able to pay their bills on time and in full each month. This can allow a person to plan for annual costs and build up savings for a home down payment
  • Consider opening a credit card. A person may want to open a credit card to build up their credit score which is the key component for a person to be able to get a home mortgage.
  • Organize financial documents. A person should work on keeping meticulous financial records. Organized financial records can prove a person is ready to buy a home and gives lenders the picture that you’re ready for a big financial decision.

A bankruptcy can offer a Stroudsburg area resident a fresh start. Part of this fresh start may be purchasing a home. This is something that many can do after a bankruptcy with the right planning.



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