It might seem difficult but it is possible to get a bankruptcy loan when you are filing for bankruptcy as a result of your inability to pay off your debts. When you file for bankruptcy, your credit rating plunges and gets tarnished for at least the next ten years. Lenders always look at the credit history of a borrower before approving a loan. As such, it is not easy to get a bankruptcy loan but it is not impossible either. Such a loan is available but only after you have been able to pay your creditors and your bankruptcy has been dismissed.
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Proving Your Creditworthiness
In the case of a Chapter 13 bankruptcy application, you can apply for a large loan after your creditors have been repaid in full. However, in the case of a Chapter 7 bankruptcy application, you can apply for a bankruptcy loan only after two years of bankruptcy. Getting a loan from any lender basically involves convincing him that you would be able to repay the loan and that you would not be a bad risk for him. As such, if you are able to keep paying your bills on time and prove that you are now more responsible regarding discharging your repayment obligations against your credit card, you can obtain reference letters from your creditors and furnish the same to the potential lenders in order to prove that you have become more creditworthy.
Improving Your Credit Rating
One way of improving your credit rating is to deposit some money in the bank and get a secured credit card with the provision that your credit limit would be restricted to the amount of the security deposit. You can also use your assets as collateral in order to provide security to the lender. If you keep on paying your bills on time, a stage will come when the creditor will allow greater flexibility in the credit limit based on your repayment performance. Your credit rating will improve and you will be able to look forward to a more debt-free and peaceful life.
It is also possible to get a bankruptcy loan to pay off your various debts by consolidating your debts into one loan and getting a financial institution to pay it off. If you are successful in obtaining the consolidated loan at a low rate of interest, you will be able to easily meet your expenses in the long run.
It might be possible to get a bankruptcy loan but what is most important is that after bankruptcy, you should concentrate on rebuilding your credit rating and creditworthiness. You can only do so by making repayments against the bankruptcy loan on time and never faltering on the same.
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