Missouri After Bankruptcy, Will Anybody Loan Me Money Again 2017-09-06T23:52:12+00:00

WILL ANYBODY LOAN ME MONEY AGAIN

Chances are you are familiar with a family board game you buy up property and the players lose as soon as they are Bankruptcy. It’s mind-boggling how much damage one family board game has done to the Bankruptcy’s reputation. In all actuality, in America,  Bankruptcy is really the end but instead, it is a new beginning. Often referred to as a “fresh start,” its purpose is to help you get back on your feet.

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Sadly, it is true that filing for bankruptcy will have a negative effect on your credit score. However, as discussed in our article How Will Bankruptcy Affect My Credit Score, the truth is that if you were pushed to bankruptcy and an overwhelming amount of debts, chances are that your credit score was already in rough shape.  However, this is not always the case.

Yes, you will be loaned money again. Honestly, you will probably start getting credit offers before your Bankruptcy has completely finished. You will not be able to act on these offers until your case is completed but the offers still there which is nice. By the same token,  you may not want to accept the first offers because the interest rates will be unfavorable to you

Part of the reason the credit offers begin to come in is that your debt-to-income ratio will have shifted because of your Bankruptcy. After you file, you have very little, or no, debt compared to your income which makes you an attractive borrower. Whereas before you filed, it was the other way ‘round.

Typically, you will want to wait a few years before obtaining new credit, if possible, so you can get a better interest rate.

To find out more about Bankruptcy options along with the pros and cons, call RS Law today to schedule a free consultation!