“After I declare bankruptcy, will I ever get credit again?”

I hear that a lot, and the answer is yes. You get a clean slate after you file for bankruptcy. Creditors, car dealers, new credit cards will be contacting you. Your mailbox will be stuffed with solicitations for new cars for no money down, and credit lines. All of these things are coming your way shortly after you file bankruptcy.

Why? After you file for bankruptcy, you cannot do it again for another eight years. You still have income and you have no more debt. From a cash-flow perspective, you are a much better credit risk after you filed for bankruptcy. If they were going to lend you money before you filed, they would look at you and say, “Hey, you have some income, but you also have a lot of debt, and there’s a danger of you being able to file for bankruptcy and wipe us out.”

After you file for bankruptcy, all those risks are gone. You still have your income, but you can’t use bankruptcy again and you don’t have any other bills to pay, so any money you are making after bankruptcy is free to be spent on new things. The businesses, the lenders, they know this and it’s in their business model. You will get lots of new credit after filing for bankruptcy. After two years, your credit will be just as good as someone who didn’t file for bankruptcy. You’ll be able to buy another house within two years under current regulations. That does keep changing. A couple years ago, before the mortgage meltdown, you were able to buy a house within a year after filing a Chapter 7.

The answer to whether you’ll get credit after filing for bankruptcy is a resounding yes, and you’ll probably be better than before!

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