Can personal loan be taken after discharge from bankruptcy?
Laura asked:
My friend was discharged some 4 years ago. Is it possible for her to take a personal loan? Will getting rid of credit cards be feasible or a bad idea?
Carla
My friend was discharged some 4 years ago. Is it possible for her to take a personal loan? Will getting rid of credit cards be feasible or a bad idea?
Carla
April 5th, 2009 at 7:07 am
Pamela
Sure, if her credit is good. Paying household bills even come into consideration with credit checks. Four years is about the time that she can start rebuilding her credit. The trick is to have better control and not apply for too many cards.
April 5th, 2009 at 8:25 am
Stephanie
I had a co-worker that filed for bankruptcy and bought a condo and a car within six months. It all depends on how good of a lawyer you have and the terms of the bankruptcy.
April 6th, 2009 at 7:03 pm
Claude
The laws now are much tougher.
You are able to file for bankruptcy, once every nine years.
But all “us other preople” using credit cards, get charged a
higher interest as a result of your friends “declaration” and
“celebration” to use a card again.
April 9th, 2009 at 1:26 pm
Tim
Sure, but she may be subject to a super high interest rate and fees. It will also depend what she has done so far to start rebuilding her credit and what her current credit to debt ratio is. Does she have a positive payment history? And no matter what that bancruptcy will be reported by credit bureaus for 7 years. But still yet there are lots of loans to be had out there your friend just needs to be sure and read all the fine print and understand what she’s getting into with any new loans.
April 9th, 2009 at 4:25 pm
Jeff
Bad credit personal loans normally carry a higher rate of interest. This is because of the higher risk potential in such loans. One may also be overcharged on this account. The borrowers are asked to pay a hefty charge and have to face some inflexible terms of payment. Nevertheless, there are lenders who charge reasonably lower rates of interestcomfort and a future comfort also leads to this trap. Deciding the monthly repayments and the number of installments further strain your mental faculties. An expert advice from knowledgeable people will help in this decision. Being aware of ones financial condition, the borrower can decide the various details of the loan in a much better manner. Thus, the final decision is reserved with the borrower himself.
April 13th, 2009 at 12:31 am
Kristen
Yes she can get a personal loan. But wouldn’t it be better for her to save until she can afford what she wants? Wasn’t credit what got her into trouble in the first place?