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Bankruptcy Law Frequently Asked Questions (FAQs) | Missouri & Illinois Common Bankruptcy Legal Questions

Q: Will I ever get credit again?

A: Actually, you are more likely to get credit after you file, than if you don’t file.  Filing bankruptcy gets rid of debt.  Getting rid of debt puts you in a position to handle more credit.  This makes you look more attractive to banks, credit card companies and other lenders.  (Ask for my special FREE book – “10 Must Know Secrets to Having the Life You Dreamed of After Bankruptcy.”)

In my experience, unfortunately, it won't be long before you're getting credit card offers again.  I say "unfortunately" because I don't want you to get right back in debt again.  At first, the banks, credit card companies and other lenders will want more money down and will want to charge you higher interest rates.  However, if you are careful, keep your job, start saving money, pay your bills, and do things that put good marks on your credit report, the quality of your credit will get better and better over time.  Generally, if a client has not re-established good credit in 2 to 4 years, sufficient to even buy or refinance a house, it's not because they filed bankruptcy.  It generally means that something else has happened after the bankruptcy to hurt their credit.

The truth is that we have had lots of clients buy cars and trucks almost immediately after they finished with their bankruptcy.  Many clients have even managed to buy a car or truck while they were still in bankruptcy.

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