Bankruptcy is a tough proposition; one that need to be tackled head on. Financial problems will always be frustrating and overwhelming. However, when faced with such a situation you will need to be very decisive and clear about your plan of action.
First things first - this is not the end of the world. Though the impact on your life would be heavy and undesirable, you can with a conscious effort, get out from the clutches of this drawback and set your life on the desired course again. It is possible. Let us see how you can avail of a bankruptcy mortgage.
Build a good credit - in order to be eligible for a large loan again, you will need to build back your good credit record by borrowing small loans and repaying them on time. You will also need to eliminate all the existing loans that are outstanding against you. The more loans (in numbers) you will have, the more difficult would be for the bank to issue you a bankruptcy mortgage.
Documentation - you will need to be very cooperative with the bank officials even if they sound a little gruff in the assessment and questions. What they see is a person who messed up big time with their finances. The bank personnel do not have any idea how brilliant you are otherwise. The bank needs proof, and it will be demanding of you. Have ready with you all the documentation you would possibly need. These would include, your financial history reports, your credit cards statements, and so on.
Apply for a secure credit card - a secure credit card is one, which is issued against a certain guarantee/collateral so the bank would be assured that it can get its money back (in case you are not able to pay your credit, they would re-posses the things pledged). Though this sounds a little desperate, it is the best way in which you could establish good credit with the bank. Ensure you pay all your bills on time (or before time); never later than the due date. A positive credit card history would be extremely helpful in getting you a bankruptcy mortgage.
Maintain a no-debt profile - stop all major purchases until you build a good credit record, which would easily take about one year from the day you filed for bankruptcy. This means that you cannot even think of a new car, Plasma TV, etc. All your efforts should stay concentrated on the fact that such efforts will get you the bankruptcy mortgage.
Be persistent - it could happen that you would not get the bankruptcy mortgage approved the first time you apply. Never lose heart. The moment you felt you lost it; you indeed did so. Remember, you only fail when you refuse to get up. As long as you keep getting up, falling is not a problem. Once you credit record ameliorates, there will be enough banks which would offer you the bankruptcy mortgage you needed.
Give the item venders you've narrowed down all details that they require while asking for a suitable item quote, EXCEPT WHEN SHOPPING FOR PERSONAL FINANCE; then you UNDERestimate your assets and income, and see what they say. They may use your disclosures to make you pay more. Just offer anything that might get you a discount. Otherwise the provider will quote their highest cost-price to cover themselves financially and legally.
A wise man should have money in his head, but not in his heart.
