Applying For a Bad Credit Personal After Bankruptcy Loan


The intent of post bankruptcy loans is to help people with bad debts get back their lives by helping them to reduce these monetary problems. Therefore, you must continue to look forward to better living and credit ratings for you and your family even when you are filing for Chapter 13 bankruptcy. Even though the journey is tough while you are clearing your heavy debts, you should be able to gradually enhance your credit ratings and become finally zero debt. At that point, you will be qualified for post bankruptcy loans and can nearly enjoy financing like normal folks. You will also understand the true utility of debt management and consolidation advice and know your own suitability whenever it is time for getting a new personal loan, whether you will be approved for bankruptcy loans in the first place.

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A personal bankruptcy loan is designed in mind for cash borrowers that file for Chapter 7 bankruptcy and have cleared off loans from all existing creditors. For example, borrowers declaring Chapter 7 bankruptcy need to wait for approximately two years before they are qualified for post bankruptcy loans provided by banks. For cash borrowers that filed Chapter 13 bankruptcy reorganization, they must have resolved their debt settlements to all their creditors before they are considered for new bankruptcy loans. As a result, you need not try applying for post bankruptcy loans if you are still half done with discharging your existing bankruptcy debts since it is not allowed for any loan lenders to provide you with any type of fast loans or refinancing.

There are several things to be concerned with when it comes to bankruptcy loans. Firstly, we remind you that it is against bankruptcy laws to apply for one or more bankruptcy loans when repaying your consolidated debts under Chapter 13 regulations. Next, do not try asking for a substantial personal post bankruptcy loan hastily the moment you are discharged from your heavy debts. That is because you are still regarded as a high risk borrower from the viewpoint of the loan companies and it is never possible to get approved just like that. The only answer is to upkeep an ideal FICO credit score for more than half a year before you try again for a bankruptcy loan at the banks. If you continue reapplying from time to time, these rejections for your bad credit loans may be recorded on your bankruptcy records which can add more damages to your already poor FICO score.


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