Can I Purchase a Home after filing Bankruptcy?

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At Sadek Bankruptcy Law Offices, we realize that every situation is different. Our debt relief lawyers will take the time to learn about your situation and your goals. Our objective is to explain your legal options and offer the best debt relief strategy for you in the most compassionate and friendly manner possible. Call 24/7 to schedule your meeting with a lawyer.


Our office understands the financial stress our clients endure. Therefore, in addition to reasonable legal fees, we offer a payment plan to all of our valued clients to make quality legal services most affordable.


In addition to our primary law office in Center City, Philadelphia, we also have law offices throughout the Greater Philadelphia, Pennsylvania Area and in New Jersey. Our branch offices have contributed to making us the #1 Bankruptcy Filer and debt relief firm in the Greater Philadelphia area. Our goal is to have a convenient location within 20 minutes of where our clients work or reside.

Can I Purchase a Home after filing Bankruptcy?

Can I Purchase a Home after filing Bankruptcy?

The answer to this question, is the too frequent legal answer, “It Depends.” Credit scores a/k/a FICO scores and interest rates are in an inverse relationship, meaning, the higher the credit score, the lower the interest rate. Our credit scores are the lead factor in determining the cost of credit, whether for a mortgage, automobile loan, personal loan, credit card, etc. Therefore, to pay the least amount possible in the form of an interest rate, it is most important to maintain a strong credit score, especially in our current tightened credit market. It is also important to note that credit scores are like roller coasters, they go down far quicker then they go up.

A credit history of late or missed payments or a high outstanding amount of debt will all cause a credit score to drop. In addition to the credit history a relatively high amount of outstanding debt relative to one’s income will cause a credit score to fall as well. Bankruptcy fits in to the credit score equation in that it gives one a chance to rebuild or achieve a fresh financial start. Bankruptcy is not a quick fix rather a tool to help one get back on financial track. When a bankruptcy is filed a credit score gets a fresh start, meaning the credit report rather than reflecting the old credit history will reflect the current and ongoing financial situation post-bankruptcy filing. If no new debt is incurred post bankruptcy thus improving the consumers debt to income ratio, the credit score will rise accordingly. With careful planning and allocating savings toward a down payment it is possible to purchase a home one year after a bankruptcy filing.

To speak with one of our lawyers regarding your financial situation and to determine if Bankruptcy Law is right for you, please contact one of our conveniently located law offices listed below.

CENTER CITY PHILADELPHIA: , 1500 JFK Boulevard, #220 Philadelphia, PA 19102     215-545-0008
NORTHEAST PHILADELPHIA: 2375 Woodward Street, #105 Phila., PA 19115 215-545-0008
DELAWARE COUNTY OFFICE: 1515 Wallingford Road, #218, Springfield, PA 19064 610-432-3111

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