Once you declare bankruptcy it is extremely tough to get back on your feet especially to build back enough in order to apply again for new loans. In Canada once you file for bankruptcy you will be given the lowest credit rating and it will remain in your credit history for the next six to seven years. Therefore, in the meantime you should save up, and carefully go about your financial planning and perhaps with the proper preparation you may be able to purchase a home sooner than you think.

Organize Yourself:
Once your bankruptcy is discharged you should carefully examine your credit report. Take a look at all the components, sometimes they could make a mistake if you happen to spot debt on the credit report that has been paid off you should immediately contact the credit agency and let them know. Once you have reviewed your credit report and all the necessary corrections have been made you want to immediately start rebuilding your credit history.
Apply for Secured Credit Cards and Instalment loan:
Due to your bankruptcy you are a risk to all lenders. Therefore you need to prove to them that you area in fact reliable. The best and fastest way to do this is to apply for secured credit cards and instalment loans. Even though you have filed for bankruptcy certain credit instruments are not out of reach. Secured credit cards are once such instrument they are available even to those who have filed bankruptcy because they offer a credit limit to the amount that you have on deposit which can range from $20 to $500. Another such instrument is an instalment loan, which simply requires you to make monthly payments, and this type of loan can range from car loans to student loans. The important thing is that you make your instalment loan payments on time.

Other Tips:
These tips are not only beneficial to those who have filed bankruptcy but for all those who have some sort of credit. Make sure that you do not max out your credit cards, and do not apply for too much credit at the same time. Once you start getting your credit invoices, instead of making the minimum monthly payments, pay off as much as you can. All bills should be paid on time. You also do not want to risk changing jobs too often, since this will have an impact on your monthly income which is directly linked to the amount of credit that a lender will give. Moreover when changing jobs often then more time is also needed to get the paper work sorted out for credit applications/approvals.