Of course, obtaining a loan after someone has filed for bankruptcy is very hard, especially because lenders are skeptic about people with bankruptcy history. Plus, it takes around 7 to 10 years until your file shows up clear again.
There are a lot of hindering factors, nevertheless if you wish to contract a loan and this time want to show that you are able to deal with a credit line in the sense that you can honor your monthly payments then there are several options for you. As a first step, you may want to check for an offer that requires a co-signer in order for you to get the loan. This simply means someone from your family or a friend, an acquaintance can act as a co-signer to your loan, this meaning that he is sort of guaranteeing that you are able to pay back the loan but he also becomes in charge (he/she engages to pay back the amount you owe) in case you are unable to.
Choosing this option really requires a lot of responsibility on your side, because you cannot just drag into debt and make responsible someone else for your financial problems. You have to understand from the very beginning the seriousness of this method, especially if there is a high amount of money involved. Think about it that the person who acts as your co-signer is risking a lot for you, so don’t disappoint him/her or don’t take advantage of someone else’s kindness.
It can be very hard obtaining a co-signer loan if you already filed for bankruptcy, however not impossible. You just need to look around, gather information and see which financial institution is willing to offer you a loan. You may have got into debt because of credit cards,
but you can sometimes make things right with the help of them. A secured credit card might be the answer to your problems. Most of times the collateral to your loan becomes your home and this way lenders will probably accept your request much faster because there is a guarantee. You can start building up your credit history from ground zero, just be very careful not to fall back to where you started from, because in case you miss your payments your home can become an easy target for the lenders. Do not jeopardize your comfort or the one of your family.
You have to know that in order to be eligible for a loan
after you filed for bankruptcy you have to prove that you are a reliable person in the first place. And you can prove this by being on time in general with all your payments and after a long enough period of being steady and regular with these, can you count on being accepted for a loan. It is exactly like when someone tries to earn back the trust of someone else, and once you let down someone you know that isn’t easy and it takes time.
Be patient, and shop around for the best possible offer, and do not fall for the first available offer just because you have this negative image this doesn’t mean you have to accept everything. On the contrary, you have to be selective from now on, and take everything under close scrutiny: in your case it may happen that interest rates charged will be very high especially if it is an unsecured loan, so watch out for potential harm you can do to yourself again.
Then, do not seek to borrow very high amounts of money, but contract smaller amounts of which you can make sure you will be able to pay the monthly balance on time. Keep in mind all these little advices and proceed in contracting a loan only if you are at least 90% sure of yourself you can manage to pay it off fully and in time.