For all of its benefits, and there are many, a bankruptcy filing does result in a blow to your credit rating. Many years ago, getting a loan after a bankruptcy filing was nearly impossible. In the past, many banks would not even consider lending money to someone with a bankruptcy reflected on their credit report. It was only after they had cleared the bankruptcy from their credit report, which could be a ten year wait, that they might be given a loan again. But that is not true anymore. Today, there are many lenders and companies that help people get loans after bankruptcy. Today, banks are much more eager to lend money and even more willing to work around difficulties. Today’s lending environment is very competitive and many lenders are willing to take the risk of loaning to recent bankruptcy filers. You will likely have to pay a high interest rate for the loan, but successfully handling your credit restoration will help you improve your credit score to the point where you can obtain a new loan or refinance an existing loan to a lower rate.The reason behind this is that bankruptcy is no longer the insulting black mark it once was. It really helps to sit down with somebody in this industry and start putting together a strategy.
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