Can I get credit again after I file bankruptcy?
More often than not, people who plan on filing bankruptcy are afraid they won’t be able to have credit again. This is not true! Actually, when you file for Chapter 7 Bankruptcy you get rid of most of your debt and most of your bills and as a result you owe very little. Consequently, you become a much more viable credit candidate in the eyes of those who extend credit. You have now cleared the decks of the vast majority of your debt and are ready to receive new credit on new terms. It truly is a fresh start.
However, it’s important to use this credit wisely and avoid missing any payments or maxing out any cards. Done properly you can rebuild your credit score and once again get that car loan you might need at a good rate.
Sometimes the most the effective way to rebuilding your credit is to file bankruptcy first.
