Will I Be Able to Get Credit After Going Bankrupt?

A lot of people assume that individuals go bankrupt because they have spent frivolously and miss managed their money. This is usually not the case. Circumstances may have changed in the person’s life that led them to become financially unstable. It could have been that their money was well managed and they were doing fine, but then ended up being hit with a huge number of medical bills. With no way to pay these they were forced to go bankrupt. As a result their credit is now damaged for several years to come. Those in this situation often wonder if they will be able to get any credit after their bankruptcy.

It is quite difficult to find lenders who are willing to give their money to those that have gone bankrupt. It is also something that the bankrupt individual wants to seriously consider as to whether this is a good move or necessary on their part. There are a few lenders who will take the chance of lending money, but not without a very high price by way of interest. This can make it difficult for the borrower.

Once your Houston bankruptcy has completed you want to build your credit back up again. This will take time and you will want to do it with lenders that are going to report your good payment record to your credit report so it starts to build your credibility. One thing you don’t want to do is fall into the hands of companies who promise to build your credit rating back up for you right after your bankruptcy. You can discuss with your bankruptcy lawyer what would be the best steps to take to reinstate your good credit rating.