Life After Bankruptcy

Obtaining Credit Cards

Often it is easier to obtain credit cards after filing a bankruptcy than prior to filing. This is primarily because the creditors understand that you typically cannot file another bankruptcy for 8 years, and you have no other bills to pay, meaning you are a great credit risk and now have the ability to pay your new credit card bills. Also, your FICO score can often increase immediately after a bankruptcy filing, as up to 1/3 of your entire credit score is based upon the outstanding debt which is wiped out with bankruptcy. Good advice is to get new credit cards, but pay them off each month. This will start a positive track record and further improve your credit. One of our FRESH START PROVIDERS can help you to obtain a new credit card.

Credit Repair/Restoration

Your credit is one of the most valuable assets you have. It may not seem that way to you – until you need it. You may have a nice house and a new car, but if you are like most people, your credit is how you got those things. What makes your credit so valuable is how it affects what you pay for things. While some people never have a credit issue or face the consequences that negative credit can present, most people, however, have less than perfect credit and find it difficult to buy their dream home or car. The longer you wait to resolve the problem, the worse it gets. Following bankruptcy, you should contact us about one of our referral sources who can help you begin the steps to help rebuild your credit.

Home Financing

We have a source who has worked with our clients on their road to obtaining a new home. Despite poor credit and/or a bankruptcy filing, they have been able to help bankruptcy clients obtain the American Dream of owning a home. They can offer a variety of products, from 30 year mortgages, 15 year mortgages, Interest only loans, option ARMS, to Mobile Home Loans and Refinancing.

Automobile Financing

Obtaining automobile financing following a bankruptcy is difficult. Shop around, though, since interest rates after bankruptcy should run about 10% to 15% and many times they will try to charge a rate closer to 20% if you are not careful. Please call us for a referral to a FRESH START PROVIDER who has assisted our clients in this regard.

Student Loan Renegotiation

As you are probably aware, the bankruptcy courts do little in the way of eliminating those stubborn student loans. We have an outside FRESH START PROVIDER who has had success in getting student loans restructured or reduced.

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