Credit After Bankruptcy - John T. Steinkamp Attorney at Law

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.

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Can You Obtain a Credit Card?

Most people will be able to obtain a credit card soon after the bankruptcy is over. In fact, we encourage clients to obtain one credit card after their bankruptcy is over. Using the credit card wisely is a quick way to rebuild credit.

Can You Buy a Car?

Most likely you will be able to a car loan immediately. However, be careful. Some car finance companies have great programs for people who emerging from bankruptcy and some car finance companies are attempting to gauge people. Shop around and see what kind deals car dealerships are willing to make for you.

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.

Why Call My Bankruptcy Firm

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.

I have helped 1,000s of people to a fresh start
My firm is backed by strong client recommendations
14+ years experience handling only bankruptcy cases
Affordable, hassle-free payment plans

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.

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