Can I Still Get Loans After filing for Bankruptcy?
Even after filing for Chapter 7 or Chapter 13 Bankruptcy, you may still seek further help in the way of the loans...
Even after filing for Chapter 7 or Chapter 13 Bankruptcy, you may still seek further help in the way of the loans. After bankruptcy, it is still possible to pursue personal loans. There are several factors that will affect your ability to get a loan. The first is your credit score. Your credit score tends to be one of the most important factors that determine whether a lender will consider you for a loan. This score tells lenders the amount of risk they will endure in loaning money. After filing for bankruptcy, your credit score and the ability to attain personal loans will be impacted. Also, the type of bankruptcy you file for will also affect your ability to attain a personal loan. Chapter 13 bankruptcy has a shorter term or affecting your credit report as it can be erased after seven years. Chapter 7 bankruptcy, on the other hand, can have a lasting presence on your credit report for up to ten years.
The important steps one can take to reestablish their credit score is to create money management habits that will have a positive effect. Good money management practices can have an immediate positive outcome in ways such as being able to open a unsecured credit card within a matter of months and possibly enough for a car loan within a year. M.C. Law Group can help you get back this point by starting on the track of the bankruptcy filing that will fit your needs.