Tuesday, January 22, 2013

Will I Be Able to Get Credit After Bankruptcy?


credit cards after bankruptcy
Worried about obtaining credit after bankruptcy?  This is a common concern by many people contemplating bankruptcy.  Most people are scared that filing bankruptcy will prevent them from having any type of credit for the next ten years.  Nothing could be further from the truth.

This pesky myth has been around for quite some time now.  Most often people are told from well-meaning friends and family that if they file for bankruptcy they will never get credit again.  This is one
reason why seeking the advice of a qualified Indianapolis bankruptcy attorney is important.  Filing for bankruptcy actually decreases your debt to income ratio which makes it more likely that you will be able to get credit.  Bankruptcy allows an individual to manage new credit obligation by eliminating the burden of prior debt.  Most bankruptcy filers will start to receive credit card offers in the mail as soon as they have received their bankruptcy discharge order. 

Filing bankruptcy, especially in today’s economic climate, is no longer the financial death sentence that it might have been twenty years ago.  Today people who have filed bankruptcy are able to get car loans and refinance mortgages while still in an open bankruptcy case.  The majority of bankruptcy filers will be able to get car loans immediately following the filing of their bankruptcy petition or as soon as receiving their discharge in a chapter 7 case.

Creditors are now looking at bankruptcy as an invitation to extend credit to previously troubled people.  The fact that one has just filed bankruptcy will usually mean that person cannot file bankruptcy again for at least 8 years.  This makes someone who has just filed bankruptcy a much safer credit risk than they were previously.

We don’t recommend racking up credit card debt after filing bankruptcy, but an emergency card is okay.  It is also okay to use a card each month for things such as gas and groceries, but pay off the balance in full each month to help rebuild credit.  It is important that credit is used responsibly post-bankruptcy.  The bankruptcy will be a stepping stone to rebuilding credit, but responsible credit use is a key factor to rebuilding credit after bankruptcy.  By using credit responsibly after bankruptcy debtors will soon move on from bankruptcy and begin their new life with financial freedom.   If you would like to see how bankruptcy can help jump start your credit repair call an experienced bankruptcy attorney today.

If you have questions regarding bankruptcy in Indiana please contact Jackson & Oglesby Law at (877) 489-0908 or visit us at www.IndyBankruptcyLaw.com. Jackson & Oglesby Law can assist you with all aspects of your bankruptcy case. If you have questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping foreclosure or wage garnishment, avoiding liens, stopping law suits, discharging debt, etc. we can help! Please call us today for your free phone consultation to determine which bankruptcy may be right for you.

14 comments:

  1. good post.....I appreciate yor way of writing that make the blog attractive and make reader to hold longer to your blog.
    bankruptcy attorney salem ma

    ReplyDelete
  2. Wonderful Post Mike! Thank you for providing information about the Bankruptcy and this information is really very impressive. Thank you for sharing your wonderful thoughts with us.

    ReplyDelete
  3. Bankruptcy law changes every day. Right now, courts across the United States are making decisions that will impact your judge’s point of view on your case. Bankruptcy Advice

    ReplyDelete
  4. Great blog post. Glad to see other Indianapolis bankruptcy attorneys focused on informing the public about the ins-and-outs of bankruptcy!

    ReplyDelete
  5. This is very good information.i think it's useful advice. really nice blog. keep it up!!!

    - bankruptcy law methuen ma

    ReplyDelete
  6. This post is very helpful.I am so satisfied to get this post article.
    I was anticipating get such a post which is exceptionally useful to us. Keep it up. .
    I know something data, to know you can click here
    affordable bankruptcy
    affordable bankruptcy attorney


    ReplyDelete
  7. This is real good information. I think it's useful advice.

    ReplyDelete
  8. I've been planning to retire in 10 years. However, that doesn't seem like that's going to happen for me. This company that I've invested in just dropped, and I lost everything. Also, I just got my tax return back, and I just found out a owe quite a bit of money. What do you think I should do to avoid filing for bankruptcy? http://www.ctrlawoffice.com

    ReplyDelete
  9. It was a great view of blog....This is a common concern by many people contemplating bankruptcy. Most people are scared that filing bankruptcy will prevent them from having any type of credit for the next ten years.Bankruptcy lawyer minneapolis

    ReplyDelete
  10. Glad to find your blog with wonderful Information.

    ReplyDelete
  11. Do you need Personal Loan?
    Business Cash Loan?
    Unsecured Loan
    Fast and Simple Loan?
    Quick Application Process?
    Approvals within 24-72 Hours?
    No Hidden Fees Loan?
    Funding in less than 1 Week?
    Get unsecured working capital?
    Contact Us At :majidvijahlending@gmail.com

    LOAN SERVICES AVAILABLE INCLUDE:
    ================================
    *Commercial Loans.
    *Personal Loans.
    *Business Loans.
    *Investments Loans.
    *Development Loans.
    *Acquisition Loans .
    *Construction loans.
    *Business Loans And many More:

    LOAN APPLICATION FORM:
    =================
    Full Name:................
    Loan Amount Needed:.
    Purpose of loan:.......
    Loan Duration:..
    Gender:.............
    Marital status:....
    Location:..........
    Home Address:..
    City:............
    Country:......
    Phone:..........
    Mobile / Cell:....
    Occupation:......
    Monthly Income:....

    Contact Us At :majidvijahlending@gmail.com

    ReplyDelete
  12. Nice Blog!!!! Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors.
    Bankruptcy Attorney

    ReplyDelete
  13. Hello Everybody,
    My name is Mrs Sharon Sim. I live in Singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of S$250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of S$250,000.00 SG. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius,via email:(urgentloan22@gmail.com) Thank you.

    BORROWERS APPLICATION DETAILS


    1. Name Of Applicant in Full:……..
    2. Telephone Numbers:……….
    3. Address and Location:…….
    4. Amount in request………..
    5. Repayment Period:………..
    6. Purpose Of Loan………….
    7. country…………………
    8. phone…………………..
    9. occupation………………
    10.age/sex…………………
    11.Monthly Income…………..
    12.Email……………..

    Regards.
    Managements
    Email Kindly Contact: urgentloan22@gmail.com

    ReplyDelete
  14. Thank you for this list..I am fortunate to have many clients who consider me their family lawyer. I want to be your attorney of first choice whether you need representation as a corporation, small business, or individual.
    Chapter 13 NJ

    ReplyDelete