Bankruptcy will wreck your credit for several years. There is little you can do about it at first. This is why it is so important to only consider bankruptcy after talking to a bankruptcy lawyer and after you have tried every other option. If you live in Miami, contact a local bankruptcy lawyer in Miami to help you through the process. If you want to buy a home immediately after filing for bankruptcy the only viable option is to pay for it out right. However, bankruptcy does not mean that you will never be able to buy a house again. After bankruptcy home loans are possible, but you should wait and make sure you are completely financially stable first, and then work to build up your credit score again.
First, you need to be completely honest with your self about how you ended up in bankruptcy in the first place. Did you or some one in your immediate family have a serious health issue or an accident and you were drowning in medical bills? Even though these bills may no longer be an issue, you need to make sure you have insurance that will cover similar medical bills in the future. If your problem was over spending, have you figured out how to control your spending? Perhaps attending credit counseling courses would be a good idea. What ever your situation, you need to first make sure you have a safety net to avoid having to file for bankruptcy or foreclosure if a post bankruptcy home is in your plan.
The next step is to build your credit score back up. No bank is going to want to lend you money right away. You need to prove to creditors that they can trust you again. The best way to do this is to get a secured credit card. With this type of card you will give the credit card company a deposit of a few hundred dollars. They will extend you and equal credit line. This is not a prepaid card, you will have an interest rate and have to make monthly payments. The interest rate will likely be very high, so try to pay your balance off each month. After you have brought your score up a bit with your secured credit card, try to finance a small purchase such as furniture or a computer. Be smart and make sure you can afford the payments and have a few months payments saved up in case something happens. One missed payment will drop your credit score back down, so be diligent and pay on time! Make your payments on time over a few years and your credit score will quickly go up. A post bankruptcy house will be within reach!