Trying to get credit after you file for bankruptcy has been reported for a long time as being extremely difficult, but it's not absolutely impossible. Whenever you apply for credit, it's critical to make certain your lender is aware of a bankruptcy. Quite a few creditors choose to consider any reason for individual bankruptcy and often make allowances for certain reasons.
At times the interest rates for those who have declared bankruptcy are much higher than normal terms. This can make paying off the credit obtained somewhat tricky. Even so, creditors commonly don't mind because they also know there is a time limit in which you may claim bankruptcy again.
Furthermore, if you should go into default on a loan you have no escape options while they have the law on their side. So, many of the high risk creditors have zero problem agreeing to a consumer that has recently declared bankruptcy, as they know you'll be forced to pay regardless.
With the availability of credit being small after individual bankruptcy, it will be time to start rebuilding your credit. Do not forget that your bankruptcy will stay on your credit history for ten years and any beneficial notations made on your report will show future creditors that you are making the right steps to get your financial life back in order. Several credit card providers may be prepared to take a risk on you fairly just after your personal bankruptcy, but the high interest rate may not be worth the effort.
Additionally, there are companies who offer pre-paid credit cards which work similarly to your bank's debit card, but will instead report your good results to the credit agency. You will need to open a merchant account with them and your accessible credit depends on the balance. You will need to make monthly payments and maintain the first balance in your account, but the appeal is your payments will be given to the credit bureaus helping you rebuild your credit.
It's really a great idea to start rebuilding your credit right away, after declaring bankruptcy. However, be sure you do so in a way that doesn't allow you to end up right back in the sticky financial predicament you were in prior to the bankruptcy process began.
There isn't any reason to undergo the complete bankruptcy process, only to find yourself deep in financial trouble once more. Talk with a financial consultant or even your bankruptcy attorney to figure out what the best approach is for you. They can likely offer you easy methods to responsibly reconstruct your credit.