Carlsbad Bankruptcy: Obtaining Credit After Filing BK

Even though legally your bankruptcy action will be reported on your credit report for up to 10 years, you can start to re-establish your credit immediately. One aspect of your “credit” is the ability for you to borrow money. When determining to loan you the money or not, lenders will take into account many factors. One of the most important factors they consider is your debt-to-income ratio, which is the percentage of your monthly gross income that goes toward paying debts. Right now, if your outstanding debts are more than your ability to repay them, strictly speaking, you do not have any “credit.”

Filing a bankruptcy will eliminate most, if not all, of your debts. In turn, it will reduce your debt-to-income ratio and potentially improve your ability to borrow money in the future. The way lenders making money is by lending you the money and charging you an interest for it. And lenders are aware that once you have filed a bankruptcy, you will not be able to file it again within next 8 years. Thus, there are some financial institutions (lenders) actively solicit business from people who have filed bankruptcy before.

Many of our Carlsbad clients purchase their cars immediately upon receiving the discharge orders. Some lenders even have programs that help post-bankruptcy borrowers to obtain home financing within a year or two after a discharge. Many of our clients receive solicitations for unsecured credit cards almost immediately upon receiving their discharge. Therefore, there are many ways for you to re-build your credit and start to borrow again. However, our Sagaria Law Carlsbad attorney would like to caution you to spend and borrow carefully, so you will not get back into the credit card “trap” again.

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