Will I be able to use credit after I file for bankruptcy? How? 12 Answers as of May 25, 2015

I am thinking about bankruptcy. If I do file, will I be able to make any purchases using credit again?

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Ronald K. Nims LLC | Ronald K. Nims
Yes, in fact you'll be flooded with credit offers when you file. Most of the offers will be crap but there'll be some decent ones. Also, you'll probably still have your car payment. If you make all your payments on time after bankruptcy; you'll rebuild you credit in a couple of years. It's not uncommon that people buy a house two years after a bankruptcy
Answer Applies to: Ohio
Replied: 5/25/2015
Tokarska Law Center
Tokarska Law Center | Kathryn U. Tokarska
Yes eventually although it's often a good idea for the a couple of years post bankruptcy to avoid debt and adjust lifestyle to the means. Credit card and vehicle financing solicitations that typically come in the mail just after you file tend to have expensive terms and it may be best to avoid them. You don't want to get a discharge and rack up a lot of debt again. Generally speaking, it's possible to obtain a mortgage 3 years post BK. This assumes the borrower is in a position to afford the payments on the mortgage they are attempting to obtain. I advise my clients not to rush out and get new debt, instead focusing on increasing income and managing with what you have. If the current situation is a result of poor financial management then now is a good time to budget and address spending habits. There is a ton of information out there on living well for less, minimalism, and living well with bad credit - unfortunately is a reality for people with non dischargeable debt, like student loans. If the current situation is a result of unfortunate circumstances beyond your control, then give yourself some time to stabilize the situation, live frugally, save money, before carefully deciding to borrow. Don't worry, the "banksters" will come calling. The profit margins are too high for them to shun away business. But maybe you decide that you don't want to play that game anymore.
Answer Applies to: California
Replied: 5/21/2015
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Yes. Meet with an experienced BK lawyer. This takes a little explaining. Good luck!
Answer Applies to: Colorado
Replied: 5/20/2015
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
First things first: retain an experienced bankruptcy lawyer. It's almost always worth it. You can get credit after a bankruptcy. There are several ways. One is to reaffirm the debt with one of your existing credit cards. They will make you wait 60 days and make two monthly payments before they will let you use the card and they can't be forced to agree to reaffirm. Another is to acquire a secure credit card. A third is to work meticulously to build your credit back. If you make it an almost religious duty to pay ON TIME every single one of the bills which you will have the BR (rent, utilities, etc.) with absolutely no exceptions, your credit score will likely increase to something more than it was before the bankruptcy, if you keep it up for about 30 months. Get a lawyer.
Answer Applies to: Wisconsin
Replied: 5/20/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
It will be up to lenders to decide whether or not to offer you credit again. Most people are able to repair their credit to finance the purchase of vehicles shortly after bankruptcy, and the gold standard of buying a house can be accomplished in as little as a year.
Answer Applies to: Nevada
Replied: 5/20/2015
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    You will get new credit within weeks after your discharge from some credit card companies, but it will be with high interest rates.
    Answer Applies to: New York
    Replied: 5/20/2015
    Mauritz Van Niekerk, Attorneys at Law
    Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
    If you get new credit after a ch 7 discharge yes you can.
    Answer Applies to: New York
    Replied: 5/20/2015
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    Once you file a bankruptcy case your current credit accounts with balances will be closed. If you have accounts with zero balances they MIGHT remain open and accessible but they might also be closed by the lender. The whole point of filing bankruptcy is to rid oneself of debt. If you must use credit now, then filing a bankruptcy may not be the right option for you. You WILL be able to apply for and obtain new credit at some point in the future, and the timing for that will depend upon your income and your credit-worthiness at the time of your application. In the meantime, almost everyone is able to open a small secured credit card account which would help to facilitate certain types of transactions with little or no risk to the lender.
    Answer Applies to: Colorado
    Replied: 5/20/2015
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Potentially, I have someone will lend you money. Generally, creditors are not interested in advancing significant amounts of money to people who have just bankrupted unless it is on particularly difficult and expensive terms, not to mention well secured.
    Answer Applies to: Michigan
    Replied: 5/20/2015
    Ferguson & Ferguson
    Ferguson & Ferguson | Randy W. Ferguson
    That is really up to each company you deal with. Some sooner than others.
    Answer Applies to: Alabama
    Replied: 5/20/2015
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    You will have to reestablish your credit. A debit card works like a credit card. To reestablish you credit get a secured card and use it wisely for awhile.
    Answer Applies to: California
    Replied: 5/20/2015
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