More than 1.6 million American families filed for bankruptcy between 2002 and 2003; a rise of nearly 150,000 nationwide. If you have recently declared bankruptcy, you are probably having difficulties getting credit approval, especially for a home loan.

And if you find a lender to work with you, you are unlikely to get a competitive interest rate. Your bankruptcy status stays on your credit bureau file for ten years following the date that you are declared insolvent.

While many mortgage companies will not touch any applicants with negative reports on their credit file, there are some lenders out there who specialize in bad credit and bankruptcy home loans.

However, whether or not you are approved for a mortgage loan depends on your credit score. An applicant who has declared bankruptcy will have a very low score. But there are other areas of your credit file that can boost your score, such as keeping open one or two existing loan agreements to show you are making efforts to repay your debts.

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