Can I borrow money after bankruptcy?
Full Question:
Can I borrow money after bankruptcy?
01/05/2007 |
Category: Bankruptcy |
State: ALL |
#196
Answer:
Yes. After bankruptcy it is possible to borrow money for virtually any purpose. However, one should understand completely that this does not mean that the same terms that would be available to someone with perfect credit will be available to someone who has filed for bankruptcy. Generally speaking, borrowing money after bankruptcy will involve higher interest rates for the borrower. In addition, banks may require additional security or a larger down payment.
What is important to remember is that in the crucial months following a bankruptcy, the debtor can take steps to insure that his or her credit worthiness is improved by timely making payments and rebuilding one's credit worthiness.
