When you are filing for bankruptcy it is very hard to get a loan. You credit is being damaged by the bankruptcy and other debts you have not been able to payoff. You still need to rebuild you credit and this is where a lawyer can help you determine just where you can start. Most lawyers will tell you to get some type of loan before a mortgage or car loan to help reestablish credit, and so you can have a place to live.
The courts will not deny you a home and there are obvious reasons for owning a home rather than renting. It will prove to the courts as well as creditors that you are willing to spend what money you have to provide yourself with shelter while earning a return investment. It is very difficult to find a mortgage when you have been through or are going through a bankruptcy. Many lenders will look at you as a risk. They may offer extremely high interest rates as well as an interest only loan. An interest only loan is an adjustable rate mortgage so while you will have good interest rate at the beginning it can turn into a bad loan; however, you can always refinance once you have succeeded in filing for bankruptcy and have of course waited the allotted period.
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I am getting a little ahead of things so lets go back to what a loan can do for you during your bankruptcy. A loan, even a car loan that you may be able to get will help you reestablish credit. You want to have a positive history, which means you will make payments on time, you can afford the expenses you have, and you no longer have any debt that is not apart of the bankruptcy. It will take at least three years for you to get out from under a bankruptcy and establish good credit.
The bankruptcy will remain on your record if you do not enlist a company to clean up your credit report. It can also have an adverse effect on later loans. Loans that cannot be included in a bankruptcy are student loans. You will want to make sure you are paying these off in a timely manner.
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can be difficult to obtain when you have filed for bankruptcy, most lawyers will ask that you buy a car and trade in your old one before any of the bankruptcy paperwork is filed. Some places exist to help those with bad or no credit. You may look in to one of these businesses if your lawyer suggests you purchase a car.
Loans will ease your bankruptcy worries by a little bit. You will be reestablishing credit rather than letting your credit stay bad with the stain of the bankruptcy and you will also be able to find a home though it may not be what you were accustom to before. Check with your lawyer about your options.
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