Bankruptcy is not the end of your life. You will be able to rebuild your life after bankruptcy. All you have need is to have a clear understanding on how to manage your finances and get back on your feet strong. This can provide an excellent assistance to you with purchasing the home that you wanted after bankruptcy.
There are certain steps, which you should follow after bankruptcy in order to increase your chances of buying a home. Let’s go ahead and take a look at those steps.
- Debt discharge
As the first thing, you need to file for bankruptcy and then work out on a plan to discharge your outstanding debt. There are four options available for you to discharge your debt in Canada. In here, you will be able to get rid of some of your obligations. Therefore, you will be able to receive excellent relief by rebuilding your finances. You can discuss with a bankruptcy lawyer and figure out how to proceed with this. Then you will be provided with the most outstanding results at the end of the day.
- Take a look at the credit report
You need to keep on taking a look at your credit report. Before you obtain a mortgage loan to get a new house, the lenders will take a look at the credit report. A credit report will contain a detailed history of the credit history. As a result, your lender will be able to get a better understanding of your creditworthiness. It is true that bankruptcy filings can remain within your credit report for a period of 10 years. However, you don’t have to wait for a period of 10 years to obtain your home mortgage loan.
You will be able to accelerate things by ensuring that your credit report is up to date and accurate. You can freely check the credit report as well. In fact, you will be able to receive one free credit report per year. You need to take a look at it and then proceed.
- Rebuild your credit
You should now start working on rebuilding your credit. This can help you to increase your chances of getting your mortgage loan approved. To qualify for the mortgage loan, you need to prove to the lender that you are a person who can be trusted. However, you will notice that credit options available to you after bankruptcy are quite limited. However, there are certain options available for you to try and rebuild your credit along with time.
One of the best methods available for you to rebuild your credit after bankruptcy would be to use a secured credit card. You will be using this credit card based on a security for the money that you have in your savings account. On the other hand, installment loans can also help you to rebuild your credit. However, you need to make sure that you are making credit card payments and installment loan payments on time. . In case of you have credit or debt issues visit www.gtacredit.com or call 416 650 1100