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Is there a time frame after going bankrupt before I could go for a loan?

  • May 09 2012 - Buffalo
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Answers (2)

Bankrupt stays on your credit for 10 years.
Thank you for your question

  • May 09 2012
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This is based on individual bank guidelines.  Before the mortgage crisis, it was 4 years minimum.  There was room for extreme circumstances which may allow you to receive approval for a loan in 2-3 years.  In any case, with the mortgage environment that we have today, it may be difficult to receive a loan.  I would seek a mortgage broker to see if they can help you with mortgage guidelines that exist today.  Banks are a little less interested giving this information out to you.  By law, mortgage brokers and banks are required to take an application and offer you a decline letter stating why you did not qualify.   This way, it does not look like they are denying you a loan based on discrimination or prejudice.  After they deny you, they can discuss why you were denied based on your application and mention their guidelines.
  • May 09 2012
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