Make sure you work with someone who will not only advise you on the best mortgage but will help you restrucuture yourself. Taking the time to properly plan how to re-establish yourself is perhaps the best thing someone who has recently filed can do. If you have filed a BK and would like to see financing options you can call me at (330) 945-7000 anytime!

There are also a few lenders that will give you their highest grade (depending on your payment history on your mortgage) even 1 day after your discharge.

It is important to review your credit report after your BK 7 is discharged. Some credit holders don't report the debt as being cleared even after the discharge. You may have to update your credit information yourself by providing the court documents.

Although Chapter 7 bankruptcy will severely damage your credit rating, you need to determine what's worse - killing your credit with constant late payments and high debt, or by filing chapter 7 bankruptcy and getting rid of your debt.

With the new Chapter 7 bankruptcy laws that went into effect in October 2005, it is much harder to qualify for Chapter 7. Many higher-income borrowers will be forced to file Chapter 13, which is a debt reorganization/repayment plan. Consumers have to attend financial counseling to help determine which bankruptcy they may file.

Many consumers can still obtain home loans after a chapter 7 discharge.

Chapter 7 bankruptcy isn't intended to let you rack up debt and then get out of it without having to repay anything. It is there as an option to give you a fresh start. Unfortunately, many people don't see it that way, and get trapped in the cycle of racking up debt and then filing for bankruptcy. However, you can only file once every 7 years, so be sure that if this is your only option, you use it as a stepping stone to move on to a better financial future.