Bankruptcy Doesn't Need To Be Stressful
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Can I buy a home after I went through a bankruptcy?

When you were considering filing for bankruptcy, you may have had a few people tell you it would be the end of the world, at least in the financial sense, if you went through with it. “You’ll never be able to get a credit card or a loan again,” they may have cautioned you. While it’s true that a Chapter 7 or Chapter 13 bankruptcy can affect your credit report and result in a few setbacks for a while, there is no real reason to fear that you and other Illinois residents won’t be able to get a credit card or car loan or do the other things that people who have never been through a bankruptcy can do.

Even so, you might still worry about being approved for something major, like a home loan. According to, there is a chance you and others can be approved for a home loan as early as a couple years after your bankruptcy discharge. Generally, those who complete a Chapter 13 repayment plan stand a better chance of getting a home loan sooner than those who file for Chapter 7, although either is possible. After your bankruptcy, you would need to spend some time rebuilding your credit by making timely payments on your monthly bills and making wise financial decisions going forward.

Like most others who file for bankruptcy, you may have suffered from circumstances beyond your control, such as the loss of a job or a spouse who earned half of your household’s income. You may be pleasantly surprised to learn that life can be bright on the other side of bankruptcy. This information is not meant to substitute for legal advice.