As bankruptcy attorneys, we often hear our clients voice concerns about their financial future after they file for bankruptcy. Many people hesitate to file for bankruptcy because they fear that it will ruin their ability to control their finances. However, filing for bankruptcy can actually help you to regain control of your finances after you’ve found yourself buried in debt. When you file for bankruptcy, you are clearing a path for a fresh start.
One commonly asked question we hear is: “Can I get a loan after I file for bankruptcy?” The answer to this question is yes. There are a number of factors that will determine when and how you can get a loan after you file for bankruptcy. Most significantly, the type of bankruptcy you file for as well as the type of loan you apply for will determine your interest rates as well as when you are able to get a loan after bankruptcy.
The two most common types of bankruptcy are Chapter 7 and Chapter 13. With these, your bankruptcy filing will show up on your credit for 7-10 years. However, even with a bankruptcy filing on your credit report, you can still get a loan. Many people can get loans as soon as 2 years after they file. It’s important to rebuild your credit after you file for bankruptcy in order to improve your chances of getting loans sooner and at better interest rates.
If you are considering filing for bankruptcy, call the bankruptcy attorneys at Craft Law Offices in Greenville, NC today for a free consultation.