Maintain Your Credit Card
If you have unresolved debt on one of your credit cards, this is part of the Chapter 7 or Chapter 13 bankruptcy proceeding. It is crucial to keep track of all your credit card debt. First, if your credit card is paid in full, you can retain it and continue to use it without notifying your credit card company. Therefore, if you have a Visa or Mastercard with no outstanding balance, you can continue to use it, as it is not included in the bankruptcy. They don't even need to know about the bankruptcy, but there are methods for them to discover it. If you wish to retain the cards on which you owe debt, you can negotiate with the credit card company to make payments on the debt.
You May Obtain Credit
Even if you have recently filed for bankruptcy, you can almost always obtain new credit. As previously stated, many bankrupt individuals would be homeless and without food if they were unable to obtain loans, new credit cards, or establish new accounts. You always have access to credit card options, although you may incur higher interest rates. It is recommended that you restore your credit before applying for a new loan, for instance, because you may not qualify and the interest rate may be quite high if you do. The point, however, is that you can obtain credit - a mortgage or a new credit card - after bankruptcy.
Can You Purchase a Home?
Yes, it is possible to purchase a home after filing for Chapter 7 or Chapter 13 bankruptcy. If you are earning money and can provide proof, you can obtain a loan with relative ease. After 18 to 24 months, you can obtain a mortgage with the same interest rate as before bankruptcy. It's not always easy to obtain these loans, as you'll need to provide evidence of your income, savings, ability to make a down payment, and active credit lines.
Purchasing a New Automobile
Many believe that obtaining a car financing will also be impossible following a bankruptcy filing. This obviously is not the case. You can get a car loan. The only disadvantage may be a high interest rate; the longer you delay and rebuild your credit, the lower this rate will be.
Obtain a High Credit Rating
After bankruptcy, you can finally rehabilitate your credit, obtain a high credit score, and start over financially. Over time, you can improve your credit score by making on-time payments, examining your credit report after filing to ensure discharged debts are not listed and other debts are removed, and proving you had valid reasons for filing bankruptcy.
If you find any of these points to be confusing, you can always consult with financial and legal professionals. The point is that bankruptcy is a valid remedy to a problem and not a significant financial error.""
" - https://www.affordablecebu.com/
