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May 8 2018

Life After Bankruptcy: What You May Expect After Filing, loans after bankruptcy.#Loans #after #bankruptcy

After Bankruptcy

The truth is that bankruptcy laws were created to help consumers. After filing bankruptcy, you will likely feel relieved.

However, many people who are thinking about filing are worried about what happens AFTER they file. They’ve heard all kinds of rumors, such as, “You can’t get credit for ten years after bankruptcy.” This is WRONG.

Loans after bankruptcy

What Happens After Bankruptcy?

Shortly after filing bankruptcy, your credit may not be strong. However, your credit was likely not strong when you were dealing with the circumstances that resulted in your bankruptcy filing.

Here’s what you can realistically expect after your bankruptcy discharge:

  • Unscrupulous creditors will likely flood you with offers of low-balance credit cards to help you “rebuild” your credit after bankruptcy. Unfortunately, many of these offers come with activation fees and membership fees that could push you near your credit limit before you’ve ever used the card. And then late charges and over-the-limit fees will kick in, putting you right back where you started: in debt and with late payments on your credit. So what can you do? Choose your new credit accounts with care. There are reputable lenders who will give you a chance to re-establish credit after bankruptcy. Don’t get so eager that you abandon your better judgment.

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