Can I get a loan again after bankruptcy? 22 Answers as of May 30, 2013

Can I get a loan again after bankruptcy?

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Evan Guthrie Law Firm
Evan Guthrie Law Firm | Evan Guthrie
It is possible, but not probable without waiting or having a co signor or other collateral.
Answer Applies to: South Carolina
Replied: 6/22/2012
Bankruptcy Law office of Bill Rubendall
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
You can apply for a loan at any time after filing bankruptcy. Most lenders will require collateral immediately after bankruptcy.
Answer Applies to: California
Replied: 6/19/2012
Debt Crushers
Debt Crushers | Emily Chase Smith
Sure. After bankruptcy your credit will recover enough to buy a house under the FHA regulations two years after a bankruptcy. Car loans come sooner. Credit cards will be offered to you in small amounts right out of the gate because the drug pushers are hoping to get you hooked again. There is credit life after bankruptcy and pretty quickly.
Answer Applies to: California
Replied: 6/19/2012
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Sometimes, depends on what your income is now and what you have done post bankruptcy. If have an existing car or mortgage payment that you have paid on time it is more likely you will get a decent loan.
Answer Applies to: California
Replied: 6/19/2012
Debt Relief Law Center | Roger J. Bus
Depends. FHA, VA, mortgage loans you generally must wait 2 years before obtaining. High interest credit card loans and car loans you may not have to wait too long. For a low interest rate loan, you in general must wait a minimum of 2 years to be seriously considered.
Answer Applies to: Michigan
Replied: 6/18/2012
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    Yes, the time of loan and amount might vary but you should be able to get a loan. It might take time to get credit in order to get a loan but you will be able to repair your credit.
    Answer Applies to: California
    Replied: 6/18/2012
    Joseph Lehn, Esq
    Joseph Lehn, Esq | Lehn Law, PA
    Yes, you can. Not all loan agencies will approve your application and even if they do, the interest rate may be higher than average.
    Answer Applies to: Florida
    Replied: 6/18/2012
    Olson Law Firm | Edward M Olson
    Yes. You can apply for loans and borrow money after bankruptcy.
    Answer Applies to: Michigan
    Replied: 6/18/2012
    Debt Relief Legal Clinic | Daniel J. Wiedecker
    Obtaining a new loan after a bankruptcy is between you and the qualifications the specific lender requires; there are no technical restrictions. Since a new loan after bankruptcy is 'new debt', the lender has no risk in extending new credit to an applicant, because that new debt is not dis-chargeable - therefore they SHOULD extend you new credit. If the creditor relies upon an applicants credit report, that report will likely improve because credit reports usually 'improve' after a bankruptcy because the bureau reports/scores are based upon number of accounts open, balances, and currency of payments.
    Answer Applies to: California
    Replied: 6/18/2012
    G. Anthony Yuthas & Assoc.
    G. Anthony Yuthas & Assoc. | Tony Yuthas
    Bankruptcy courts would not prevent it. It would be up to your lending institution.
    Answer Applies to: Colorado
    Replied: 6/18/2012
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    Yes, bankruptcy typically puts people in a better position to start rebuilding credit.
    Answer Applies to: Indiana
    Replied: 6/18/2012
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Yes, there is no law which forbids it unless you are in a chapter 13.
    Answer Applies to: Michigan
    Replied: 5/30/2013
    Rosenberg & Press
    Rosenberg & Press | Max L. Rosenberg
    Yes you can get a loan after bankruptcy. Your credit will be hurt for a little while if you do not rebuild it but you will still be eligible for a loan because creditors are not allowed to discriminate against you for filing bankruptcy.
    Answer Applies to: Connecticut
    Replied: 6/18/2012
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    Yes. It may take some time even several years depending on your situation but at some point you will be able to get a loan again. Some people are able to get car loans and credit card very soon after bankruptcy.
    Answer Applies to: California
    Replied: 6/18/2012
    Ferguson & Ferguson
    Ferguson & Ferguson | Jackie Ferguson Graham
    Once your bankruptcy is closed you may apply for credit again. There is no predicting however how quickly you will be able to get a loan and what your interest weight will be.
    Answer Applies to: Alabama
    Replied: 6/18/2012
    Steven Alpers | Steven Alpers
    You will pay higher interest for a while.
    Answer Applies to: California
    Replied: 6/18/2012
    Law Offices of Diann C. Moseley | Diann Moseley
    What type of loan? Generally, car loans and credit cards will not be that difficult to obtain if you have a job which pays enough to prove you can make the payments. Mortgage loans will take more time, usually several years, for you to obtain. Be smart. After coming out of bankruptcy, pay whatever debts you have on time and do not over-extend yourself. If you are debt-free, you may want to obtain a credit card and pay it on time so that yo can re-establish your credit worthiness.
    Answer Applies to: District of Columbia
    Replied: 6/17/2012
Click to View More Answers:
12 3 4 Free Legal QuestionsConnect with a local attorney