27 Jun Credit after bankruptcy
A concern many of my clients have a when considering bankruptcy is how to obtain credit after bankruptcy has been filed. Typically clients will have credit scores in the low 500 range. Filing a bankruptcy can remain on a credit report for up to 10 years but that does not mean you can’t obtain credit. The key is to reestablish your credit. For many clients credit card offers will come immediately after filing bankruptcy. (Creditors know that a person who has filed chapter 7 is precluded from a discharge of debts in a subsequent chapter 7 for 8 years; creditors have a good chance to be paid in 8 years). For others you can apply for a credit card on training wheels. These are known as secured credit cards. Included is a link on how to apply for a secured credit card: http://news.yahoo.com/can-t-get-a-credit-card–here-s-another-option.html
Credit can always be repaired.