Sacramento Bankruptcy: Will you be able to get Credit After Filing Bankruptcy?

In Sacramento, bankruptcies may legally stay on your credit report for up to 10 years, but you can start to reestablish credit immediately.  “Credit” can be defined as the ability to borrow money.  Lenders consider many factors, but the primary factor is your debt-to-income ratio.  If you are considering bankruptcy, then  you most likely have more debt than you can pay, and so, by definition, you do not have credit.

A bankruptcy filing will eliminate most or all of your debt, improving your debt-to-income ratio which, in the future, will potentially improve your ability to borrow.  In addition, there are financial institutions which cater to people who have filed bankruptcy.  Lenders know that a bankruptcy filing now means that you cannot file again for at least eight years.  They are in the business to lend you money and charge interest, and so all of these factors improve your ability to borrow.

Often, our Sacramento clients purchase cars immediately following the discharge of their bankruptcy.  There are also post-bankruptcy home financing options which many lenders offer.  Often, clients receive new solicitations for unsecured credit cards almost immediately following discharge of their debts; however, Sagaria Law attorneys advise clients to avoid the credit card “trap.”

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