Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
adam@debtcliniccanada.com (905) 970-0439
Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
(905) 970-0439 adam@debtcliniccanada.com
Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
(905) 970-0439 adam@debtcliniccanada.com
Do you need help
getting out of debts?
Find out your options! For free professional and
confidential initial consultation, call:
(905) 970-0439 adam@debtcliniccanada.com

May 2020 – CAN YOU BUY A HOUSE AFTER FILING BANKRUPTCY?

By:Adam Aspilla
May 27, 2020

Many believe that when you filed bankruptcy you cannot buy a house anymore. That belief is not true. In fact, the writer had a client who filed bankruptcy three times in five years was able to buy a house.

When a person files bankruptcy the process takes from nine months to a maximum of 36 months. Process means, the bankruptcy is completed where a Bankruptcy Trustee issued you a Certificate of Discharge – which means your bankruptcy is completed and you can start rebuilding your credit.

For first time bankruptcy, without surplus income (base on the Income Standard  prepared yearly by the Office of the Bankruptcy Superintendent), discharge or completion of bankruptcy is nine months.

While bankruptcy for the first time, where applicant has surplus income, discharge or completion of bankruptcy is 21 months. 

For those who file bankruptcy for the second time, without surplus income, discharge or completion of bankruptcy is 24 months. While those with surplus income, discharge or completion of bankruptcy is 36 months.

After the discharge, you can start rebuilding your credit. First, you may apply for a secure credit card or apply for credit card from department stores.

After a year with good payment records on your secure credit card or department store card, and you have saved for down payment, you can buy a house.  The writer being a former Mortgage Broker has helped many purchased a house after filing bankruptcy.

When you are in financial crisis, and you cannot quality for debt consolidation or consumer proposal, you may consider filing bankruptcy as a last resort. 

There are people who are in financial crisis and do not have peace of mind because of creditors’ harassments, refused to file bankruptcy for they believe that by filing bankruptcy, they could not purchase a house forever. Again it is not true!

Do not hesitate to file bankruptcy if it is your only option to put your finances in proper order. After all, Bankruptcy Law is in placed to help people who are in financial distress to start life again – free from financial burden.

Adam Aspilla operates the Debt Clinic of Canada Inc. for more than 30 years.  He was a former financial planner, a former mortgage broker, and the author of the book, You Can Negotiate All Your Debts.  He also writes another column, “Biblical Perspectives” in this paper. For a free initial, expert, professional and confidential financial consultation on your financial issues like: Debt Consolidation, Credit Counseling, Consumer Proposal, Bankruptcy, and securing 1st and 2nd Mortgages, call 905-970-0439 or visit www.debtcliniccanada.ca

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