Knowledgeable Indianapolis Bankruptcy Lawyer
Obtaining credit after bankruptcy for a loan or a credit card depends on exactly what you are looking for.
Most clients who file bankruptcy are bombarded with auto loan solicitations after the bankruptcy is filed.
After clients receive their discharge, they are bombarded with credit card solicitations.
Prospective creditors know that people are eager to rebuild their credit and they know that the debtors cannot file bankruptcy again for many years.
Can You Obtain a Credit Card?
Can You Buy a Car?
When Can You Qualify for a Mortgage?
How long it will take to qualify for a mortgage depends on you and the prospective mortgage company.
Many mortgage companies want a person to be 2 years post-bankruptcy before the mortgage company will permit a person to close on a house. Of course, after your bankruptcy is over, you must pay your bills in a timely fashion.
Other factors that affect your qualification include your income, your debt load, the amount of your down payment, among other potential issues (depending on the mortgage company’s underwriting requirements). Regardless, on a regular basis, I have former clients who purchase homes 2 years after their bankruptcy is over.
Again, we recommend applying for a credit card immediately after your bankruptcy case is over. You need a credit card for emergency purposes and, if you pay it in a timely fashion, you can use to jump-start your credit.
Of course, be careful about carrying a significant debt loan and please do not miss any payments.
We Can Help You Understand Credit Options After Bankruptcy
Unsure of whether or not bankruptcy is right for you? Want to see if you are eligible for bankruptcy? I am ready to discuss all your options with you in a free case evaluation. Find trusted, dedicated advice today at John Steinkamp & Associates.
Unsure of whether or not bankruptcy is right for you? Want to see if you are eligible for bankruptcy? I am ready to discuss all your options with you in a free case evaluation. Find trusted, dedicated advice today at John Steinkamp & Associates.
