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Bankrate Advisor responses could help Ohio residents

The Bankrate Bankruptcy Advisor provides financial answers that could help Ohio residents. For instance, the question asked on April 22 concerns credit rebuilding after bankruptcy.

Many people have concerns about what happens after filing for Chapter 7 bankruptcy to clear their debts. They often wonder if they qualify for any unsecured loans, particularly credit cards, once they complete the debt discharge process. Some people wonder if they can obtain loans right away, and many people assume they need to wait to apply. According to the Bankruptcy Advisor, anyone with bad credit can still obtain unsecured loans and even recommends establishing new credit as soon as possible.

One reason people who just filed bankruptcy can acquire financing is because of this: their qualifying debts have been discharged, so they no longer have debt. They have a fresh financial start giving them the opportunity to obtain credit card approval again.

The average person only file for Chapter 7 bankruptcy once in their lifetime, although they are legally able to file for bankruptcy every eight years. Those who have just emerged from a bankruptcy will usually start with lower credit limits than before. They might work with creditors to prove themselves capable of handling debt. Once they show promise, the bank might start offering higher credit lines. Eventually, they establish a better report with creditors than the one they had in the past.

Whether it is Chapter 7 bankruptcy or other discharge proceeding, people often turn to a financial advisor for debt relief. A bankruptcy lawyers can provide people with help as they prepare to file for Chapter 7.

Source: FOX Business, "How Do I Establish Credit After Bankruptcy Discharge?", Justin Harelik, April 22, 2014

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