Sacramento Bankruptcy: What Should you know when Trying to get a Loan After Bankruptcy?

Sagaria Law provides these general tips for getting a loan following bankruptcy.  The first step is to repair your credit.  Make a reasonable budget with a careful accounting of all income and expenses.  Take care that your expenses do not total more than your income.  This is the first basic step to a good re-payment track record.  Next, ensure the accuracy of your credit report by requesting one and checking each entry.  Some companies offer a “Post Discharge Dispute of Consumer Liability Report” which is a useful tool to help you check for inaccuracies on your credit report following a bankruptcy filing.

After you check your credit report and budget for the expense of servicing the loan, the next step is to consider the purpose of the loan.  Banks are more likely to approve loans for things like housing, transportation, or education than for a vacation, a boat for your trips to the lake, or a new hot rod.  Different lenders have different requirements, so you must do research to find out which lenders have requirements you can satisfy.  Don’t seek a car loan from a lender that provides student loans, for instance.  And don’t seek a student loan from a lender that provides mortgage loans.  Every loan is unique.  Call some lenders in Sacramento and find out what their requirements are and ask them how they respond to a prior bankruptcy.  You may be surprised to find out that many lenders are still willing to work with you, and, even if they are not, they likely can provide you with a referral to someone who will.

Other than working directly with a bank, you can also work with a Sacramento area loan broker.  Rather than make loans, brokers specialize in finding a lender who is right for you.  Though they charge a fee based on the size of the loan, the fee may be worth the money if you have difficulty finding a loan otherwise.  Likewise, using a broker will keep you from falling victim to a scam.  After a bankruptcy it is important to guard against “repair your credit” scams that some unscrupulous lenders target to vulnerable borrowers.  Although most loan brokers work only with legitimate lenders, it is still a good practice to check with the Better Business Bureau and the Office of the Attorney General to ensure that your broker has a good reputation.

Sagaria Law advises its clients to repair their credit first.  After your credit score has improved, getting a loan approved is a much easier process.  If you are trying for a house, rent until your credit improves.  If you need a car, buy a used one for a year and then reapply if you are denied for a reasonable loan.  As with all your bankruptcy needs, if you still have questions call a Sacramento area Sagaria Law attorney today.

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