If you are going to file for bankruptcy, it is true that you
will not have very good credit after bankruptcy. However, this
does not mean that you will never be able to get loans, and it
certainly doesn't mean that you will never have a good credit
history again. While it is true that there will be a short
period of time during which it will be exceptionally hard to get
credit, it is not true that you will have to wait for an entire
ten years to get credit after bankruptcy.
For instance, if you do not have a lot of debt on your credit
card, or if you have no debt on it at all, you may be able to
keep your card. If you do not owe any money at all, then you do
not even have to inform your credit card company about the
bankruptcy - however, if they do find out that you are going
through bankruptcy proceedings it is always possible that they
could cancel your card anyway, just to make sure that you do not
charge purchases to that card.
Most of the credit card companies will require that you affirm
that you still owe money on the card before they will let you
keep it. What this means is that you need to state that you will
still be responsible for paying back the card balance, even if
you have filed for bankruptcy already.
One thing that you should keep in mind is that in the case of
credit cards, this may result in very high monthly fees. You can
also get new credit after you file for bankruptcy, however, this
credit might be very hard to pay off due to the interest fees.
If you are at all worried that you will not be able to pay off
your credit cards in the future, then you should be wary about
jumping right into new credit situations. However, if you are
able to pay back your credit cards, then you will be able to
start building better credit right away.
Credit after bankruptcy is difficult to achieve, but if you need
credit, you should be able to get it - and you may even be able
to purchase a house.
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