Nobody will loan you money for a cup of coffee, let alone provide you with a mortgage on a house.
Can you ever come back from that type of credit meltdown, one that even saw you declare bankruptcy? The answer is yes but it will take time.
“It may sound counter-intuitive but for some people filing a bankruptcy or a consumer proposal may be the quickest way [to home ownership],” says Andy Fisher, a trustee in bankruptcy with A. Farber & Partners Inc. “There are people who are carrying a lot of unsecured debt where it is difficult to carry that debt and save money to buy that house.”
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Source: Financial Post