Most people think that once you have filed for bankruptcy you will no longer be liable for credit card approval, due to the bankruptcy credit report. Although the bankruptcy will stay on your report for the next 10 years, or less if you file under Chapter 13, this does not exclude the possibility of new credits.
Finding a new credit may not be easy, but it is possible. The downside is that you will be paying more interest and fees for your new loan and there is no guarantee any loaning company will consider you apt for a new credit, but with all the loaning companies out there, you will always find new possibilities.
One option you do have is obtaining secured credit cards. These are credit cards where you have to deposit a specific amount of money to secure your expenses. These credit cards can be used as any other credit cards and can be obtained quite easily even if you have filed for bankruptcy. However you will have to proceed cautiously in order to re-establish your credit worthiness. So, make sure you do not underestimate credit expenses and always pay for your charges on time.
You may also buy a house after having filed for bankruptcy after 18 to 24 months following the bankruptcy discharge. The companies that offer estate loans are interested in your current finances not your past ones, as well as your down payment and the stability of you monthly income. Between the time of the discharge date and your loan request you must re-establish four lines of credit, such as car payment loans or credit card debts, as well as keeping your payments up to date, for a period that may run from two to four years.
If you wish to buy a car after bankruptcy, you can, although many would claim the contrary. The only difference you will find is in the interest rates, which will be higher due to your bankruptcy discharge.
Whatever you do, make sure your credit score remains high. Your credit report contains the complete history of all your finances. If you make any mistakes, such as delayed payments or any other debts, your credit score will suffer as a consequence, this is why you should keep close watch. It can sometimes be frustrating to have to follow your finance management so closely; this is why financial counselling can help you make things easier. You may also try seeking law advice from a bankruptcy attorney, who will help you find the best credit possibilities and build a finance plan without incurring in more debt.
