The availability of credit after you have filed for bankruptcy has changed over the years. I used to know my clients had recovered when I would get daily calls asking for documents so that a former bankruptcy client could qualify for a mortgage on their new home. Since the credit crisis of 2008, qualifying for new credit has become more complicated.
The bankruptcy court allows you to reaffirm debts such as your home mortgage or a financed vehicle. This also helps you establish a post-bankruptcy credit record. Former clients also have reported success when applying for credit from Capital One, Barclays Bank or Credit One Bank. Financing a new or used vehicle can also rebuild your credit.
Most bankruptcy cliënts say they do not want to get caught up in credit again after they have gotten reliëf from overwhelming debt. But you can learn from your negative credit experiences and set out after Bankruptcy to rebuild your credit responsibly. The court requires that you complete a debtors education class online in order to gain your Bankruptcy discharge. Bankruptcy has always been intended to give people a “fresh start”. It can give you the opportunity to rebuild your financial situation in a way that fits with your lifestyle and future.