Filing bankruptcy can be a big relief, no more collectors harassing you and no more stress over bills you can’t pay. But, is there more than just relief after bankruptcy? Will you eventually be able to buy a home or a car? Although bankruptcy is a drastic step that ruins your credit rating, it’s not hopeless.
Even after you’ve filed bankruptcy, you will probably get numerous offers for credit cards. Of course, these offers will usually come with high activation and annual membership fees. And, in some cases, these fees could have your card maxed out to the limit before you even get it.
Don’t expect to be able to run out and get a loan right after you’ve filed bankruptcy. But, you should have no problem getting one in a few years. There are many lenders who will still approve you for a loan if you’ve began to re-establish your credit.
It might take 2 or 3 years of keeping your bills paid on time to get regain the trust of lenders, but it’s not impossible. Keep in mind that if you’ve had to file bankruptcy there was a reason. Don’t allow yourself to get right back in the same situation once you’ve started rebuilding your credit.
I was bankrupted in 1997 and it pretty much took me till 2001 till I could even get a credit card again. I dread to think how long it would take these days with the banks in a dire position.