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Many people view bankruptcy as a financial apocalypse. Fortunately, that view does not represent reality. Instead, bankruptcy offers legal relief to assist those in unfortunate financial circumstances for which they may have no other way out.

What about getting a loan after bankruptcy is over? Done responsibly, this may be a way to improve credit score. Of course, seeking a loan or credit after bankruptcy will reveal the bankruptcy case. This will affect the lender’s decision to approve the loan or extend credit. Typically, lenders may offer less favorable loan terms such as a higher interest rate. On the other hand, lenders may be more inclined to make a loan or extend credit to someone whose credit report shows debts discharged in bankruptcy, as opposed to someone whose credit report shows current financial problems such as on-going debt collection action by creditors, defaults, late/missed payments, delinquencies, judgments, wage garnishments, etc. Those who clear debt by receiving a bankruptcy discharge should be better positioned to obtain credit/loans compared to persons with continuing debt problems. Even so, obtaining a loan to rebuild credit after bankruptcy can be challenging.

If you’ve completed a bankruptcy case and received a discharge, a new loan (responsibly matched with your ability to pay, of course!) may be an opportunity to rebuild your credit. Or, if you’re considering filing a bankruptcy case and want to know what to expect when seeking a loan after bankruptcy, check out the following article for tips and guidelines: Need a personal loan after bankruptcy? Here’s what to do


If debt is making you feel overwhelmed, we’re here to help put your mind at ease.

Contact us today to speak with a bankruptcy specialist.

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2539 Lafayette Plaza Dr.

Macon, GA

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Valdosta, GA

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