Does Bankruptcy Affect My Chance at Getting a Loan in the Future?
When bills start stacking up around your house or you begin screening calls out of fear of talking with another creditor, you may want to consider filing for bankruptcy so you can get out of debt and on with your life. Financial difficulty can impact every area of your life and leave you in constant fear or worry about the future. Before you file for bankruptcy, it is important that you understand how bankruptcy will impact your life and especially your chance at getting approved for a loan in the future.
Financial difficulty can be a very trying and stressful time, especially if you are facing it alone. At the Bradford Law Offices, our Raleigh bankruptcy lawyers are committed to not only helping you get out of debt, but also answering all of your questions to ensure you are informed beforehand. Call us at (919) 758-8879 today to schedule a free consultation.
Getting a Loan after Bankruptcy
Whether you file for Chapter 7 or Chapter 13 bankruptcy, each chapter can impact your credit score; therefore, hurting your chance at getting a loan. This doesn’t mean it is impossible, especially as your credit can steadily improve after bankruptcy if you make smart financial decisions. Regardless, you can still qualify for a loan after bankruptcy, but you may face some challenges such as:
- Paying more up front on a loan or mortgage
- Higher interest rates or longer waiting periods
- Showing more proof of financial stability
While these challenges may not seem preferable, they could be a better option than remaining in debt now and not filing for bankruptcy.
To learn more about filing for bankruptcy, speak with our Raleigh bankruptcy attorneys at the Bradford Law Offices, today at (919) 758-8879 and get started on your case.