Credit After Bankruptcy

People are understandable concerned about obtaining credit after filing for bankruptcy.  It is a real concern for many people.  We have become so used to credit and the leeway that it provides in making purchases.  The good news is that you will be able to obtain credit within a very short time after filing bankruptcy.  You can start with a secured card.  This is where you put a certain dollar amount on account at a bank and in exchange for that they give you charging privileges up to that amount. You can also try and purchase a vehicle shortly after filing. Although the interest rate may be higher than if you never file, you will be able to start getting positive reports to the three major credit bureaus. You can also try for a small furniture purchase financed after filing. These three different types of financing will help to increase your credit score to the point where after a year or two after filing you should be able to obtain very favorable interest rates when financing.


The transcription below, albeit short, simply states that you will be able to regain financial standing after you file for bankruptcy. You will get a credit card again. You will be able to buy a house in. You are not dead in the water after you file for bankruptcy.           



Jesse Barrientes: Let me ask you one thing that I think is really important because people, they think that bankruptcy is the kiss of death.  And it really isn’t.  It really breathes in new life is what that does and again, it gives you the fresh start.  Am I dead in the water if I file a bankruptcy?  Will I ever get credit again?  Will I ever get a credit card?  Will I ever be able to buy a house?


David Siegel: Yes you will be


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