It is common knowledge that bankruptcy is very damaging to you credit rating, but many people are unaware of the ways you can go about repairing your credit rating. Equity home loans are one of the easiest ways to go about starting this process, and providing at least 12 months has passed since you filed for bankruptcy, and you have been in the same employment for 2 or more years, then there are some lenders that will consider your application for a post bankruptcy equity home loan.
The main reason for this is that you are securing your debt against your home, giving the lender much more assurance that you are serious about making repayments regularly and on time. If you were to default on your loan the lender has the option to to being the process of putting a claim against your house, meaning ultimately you could loose your home. Even if you have found you are unable to get a car loan or other form of personal 
loan, you may well be able to secure a home equity loan, and because it is a secured loan it will come with a lower interest rate than any unsecured loan would. Before you apply though, make sure you meet all you potential creditors requirements, such as being in continuous employment for a specified period of time, as you don’t want to build up a log of unnecessary searches on your credit file as this can in some cases work against you.
You will need to be prepared to look around for a good home equity loan, especially following bankruptcy as you will be dealing with a much smaller pool of lenders that specialize in high risk lending. Make sure you get a few quotes, so you can not only compare rates, but also so you can use the quotes you have got to negotiate a better deal. It may be that you have been given a quote from a lender that you would like to go with because of certain other benefits they are offering, but their interest rates aren’t as competitive as others, in which case you can use the best rates you have been quoted as a bargaining tool to get a better deal. Just because you are looking for a post bankruptcy equity home loan doesn’t mean you can’t haggle to get the best deal possible, in fact chances are your finances are going to be tight, so it is even more reason to do so.
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