How Do I Get Credit After Bankruptcy?
Many people think that when they file an Assignment in Bankruptcy that they will never get credit again. This is, simply, not true. During the period while you are bankrupt (usually about nine months), you are required to disclose that you are bankrupt to any lender if you are asking for credit over $500. Other than that disclosure, if the lender agrees to loan you money, nothing prevents you from accepting it. During the bankruptcy, there are two counselling sessions that take place. During the second session, you will receive information on how to rebuild your credit score even during the period of your bankruptcy. Many lenders now work closely with debtors with low credit scores or a prior bankruptcy and look at your employment income, length of employment, family status as well as the cause of your bankruptcy januvia dosage. In other words, are you now rehabilitated from the cause of your financial difficulties that resulted in your filing for bankruptcy? The notation on your credit report that you filed a bankruptcy is there for a period of 6 years from the date of your discharge from bankruptcy but this is only one fact that the lender considers. A quick option after your discharge is a secured credit card. Most secured card companies will report to the credit agencies if your credit limit is $1,000 or higher. If you need a car, you should be able to obtain financing once you are discharged – but always ask if the financing company reports to the credit reporting agencies that you have obtained credit and are making payments on time. Mortgage companies will give consideration to you one year after your discharge, assuming, of course, you have stable income and have managed to save enough money for the down payment of the condo or house that you are attempting to buy.
Credit is available. You will just need guidance on obtaining it.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.