Q: How long after filing will I be able to purchase a home? I am reading horror stories of people being told by lawyers

A: This question is best directed to any of the lenders out there, each of whom makes a "credit decision" upon loan applications.

Currently, interest rates are high, and the Fed has been tightening the money supply.

My own experience is that, more than usually, lenders, even large lenders, are angling to get cash in the door, more than making loans.

And yet, the primary way lenders make money is to loan it out.

Traditionally, lenders look at the "three C's, e.g. creditworthiness, collateral and character of the borrower. With the US Comptroller of the Currency "regulating" banks, and threatening "cash calls" by a bank's owners to shore up the financial institution's balance sheet, loan money markets have been tightening. And note that most lenders look at credit scores from the three bureaus. A bankruptcy filing drops a credit score by a lot.

Just by way of opinion, if your proposed home purchase looks to be profitable for the lender, with minimal risk of non-payment/foreclosure, your chances of lending approval are good. Some of the federal programs, and some state mortgage assistance programs, can be helpful.

"Shop" your potential mortgage funding source. Loan brokers, whose job it is to find money for such deals, are one good place to start.

A: After filing for bankruptcy, the timeline for purchasing a home can vary depending on several factors. Generally, you might be able to qualify for a mortgage two to four years after a bankruptcy discharge, but this can depend on the type of loan you are seeking and how well you have rebuilt your credit.

It's important to start rebuilding your credit as soon as possible. You can do this by getting a secured credit card, making all payments on time, and keeping your credit utilization low. These steps can help improve your credit score and show lenders that you are responsible with credit.

Additionally, working closely with a financial advisor can help you create a plan to meet your homeownership goals. Each individual's situation is unique, so while some people may face longer delays, proactive steps towards rebuilding credit can significantly shorten this timeframe. Remember, persistence and responsible financial habits are key to achieving your goal.