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Things You Can Do After Filing for Bankruptcy

Things You Can Do After Filing for Bankruptcy
"""Most individuals believe that after filing for bankruptcy, they are no longer liable for credit card approval due to their bankruptcy credit report. Although the bankruptcy will remain on your credit report for 10 years, or less if you file under Chapter 13, this does not rule out the possibility of obtaining new credit.

Obtaining new credit may not be straightforward, but it is possible. The disadvantage is that you will pay higher interest and fees on your new loan, and there is no assurance that any loaning company will consider you eligible for a new credit, but with so many loaning companies available, you will always find new options.

You do have the option of obtaining secured credit cards. These are credit cards that require you to deposit a certain amount to cover your expenses. Even if you have filed for bankruptcy, you can readily obtain one of these credit cards, which can be used as any other credit card. In order to reestablish your creditworthiness, you will need to proceed with caution. Ensure that you do not underestimate credit expenses and that you always pay on time.

You may also purchase a home after filing for bankruptcy between 18 and 24 months after the bankruptcy discharge. The companies that provide real estate loans are interested in your current financial situation, not your financial history, as well as your down payment and the stability of your monthly income. Between the date of discharge and the loan application, you must re-establish four lines of credit, such as car payment loans or credit card debts, and maintain on-time payments for a period of two to four years.

Many would argue otherwise, but it is possible to purchase a vehicle after filing for bankruptcy. Only the interest rates will be different, as they will be higher due to your bankruptcy discharge.

Always ensure that your credit score remains high. Your credit report contains a comprehensive financial history. If you make any errors, such as late payments or other obligations, your credit score will suffer as a result; therefore, you must be vigilant. It can be aggravating to keep such a close eye on your financial management; therefore, financial counseling can help make things simpler. You may also seek legal counsel from a bankruptcy attorney, who will assist you in locating the best credit opportunities and developing a budget without incurring additional debt.""

" - https://www.affordablecebu.com/
 

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"Things You Can Do After Filing for Bankruptcy" was written by Mary under the Finance / Wealth category. It has been read 133 times and generated 0 comments. The article was created on and updated on 02 June 2023.
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