Bankrupcy…will we ever be able to get a house?
The last couple of years have been very hard on us financially. First off... in July of 2003, we'd just signed the lease on our new apartment and were getting married in 2 months when I was fired from my job of 10 years. My husband was a bus driver so he was on unemployment...at least until September, and it took me months to find another job. Then THAT one didn't work out and while I was looking for another job my husband lost HIS job due to a kids practical joke. I took the first job that came along...even though it paid less than my previous job, otherwise we would have ended up on the streets. I found myself having to use my credit cards to pay for groceries and necessites because my income alone just couldn't cover rent and utilities, let alone the car payments and insurance. My husband finally found a job but making $5 less an hour than his bus driving job. When the collection agencies started calling things were getting very tense for both of us. And after 2 1/2 years of struggle my husband convinced me that we should file for Bankrupcy. Which I reluctantly agreed to. Now on to the meat of the matter... We'd talked about getting a house together and raising a family...but now I don't know if that's even possible. Rent runs us $635 a month and that's not going towards paying off a home so no equity is being built up so we're basically just flushing it down the toilet. If you've filed for bankrupcy what are the chances of being approved for a house loan and how much money would we have to come up with up front? Any other info would be greatly appreciated. I've never owned a home and haven't a clue where to begin looking for information.