Michael Holigan: Ramon and Phillip O'Rand never dreamed they'd be serving guests coffee in their very own home, so soon after bankruptcy, but they are. And it's barely been a year since their personal bankruptcy was discharged or finalized.

Ramon O'Rand: Oh, I was shocked. I couldn't believe that it worked so easy for us, that we were able to get in a home this nice. It was unreal.

MH: The O'Rands are paying a fairly high interest rate because they only waited a few months after the bankruptcy was discharged. They hope to refinance at a better rate in one year. If they'd waited two years after their bankruptcy they would have been eligible for competitive rates.

RO: We had to be able to show them that we had reestablished some good credit since the bankruptcy.

MH: Every bankruptcy case is different. If you didn't pay your bills because of medical problems a lender may be more understanding than if you are financially reckless, but no matter what, a bankruptcy is not a death sentence to your dream of owning a home. You can become a homeowner and probably sooner than you thought.

Phillip O'Rand: It feels great.

RO: Yeah.