Chicago Bankruptcy Attorney Discusses Getting Credit After Filing Ba...

Many people wonder whether or not there will be able to receive credit after filing a bankruptcy and receiving a discharge.  The answer to this question is yes, a person will be able to receive credit after filing a bankruptcy and receiving a discharge.  In order for a person to rebuild their credit after bankruptcy, that person must apply for credit, receive credit, and try to pay off the balance of that credit every month if needed.  If a person pays off their credit card balance or a balance for any kind of debt that is owed every month, that person’s credit rating will skyrocket.

Many people are afraid that after filing bankruptcy they will never ever be able to receive credit again; however, that is not true.  Credit is given to a person on a case-by-case scenario, and they will take into account not just the fact that they filed bankruptcy but they will take into account their income, their expenses, or even their income as a family unit.  So if a person who has a much greater income now than they did prior to when they were filing for bankruptcy, then that person is likely to be given credit.  Even if a person is not making the same amount of money they were making prior to the bankruptcy, it is still possible to receive credit from a creditor.  So if a person is afraid of filing a bankruptcy case because they do not believe that they will ever receive credit again, that is a bad excuse for not filing the bankruptcy.

After the bankruptcy is filed and the person receives a discharge it is almost certain that they will start receiving credit applications or any other applications for some kind of credit.  Many of our clients have received credit for or a loan for a vehicle – a motor vehicle such as a car or motorcycle – and we have many clients that have also received alone for mortgage after they filed a bankruptcy.  What is important to understand about getting credit after bankruptcy is that is a case-by-case scenario and there are no generalizations that can be made.