Bankruptcy in Brief

a service of the Moran Law Group

Can I get credit after bankruptcy?

Filing bankruptcy does not prevent you from getting new credit. An entire class of lenders targets the recently bankrupt as customers!

Immediately after a bankruptcy filing, you can expect credit to be more difficult to get, more expensive, and limited in amount.

Two years after a bankruptcy discharge, debtors are eligible for mortgage loans on terms just as good as those with the same financial characteristics who have not filed bankruptcy. That is, in getting a home loan after a bankrutpcy, the size of your down payment and the stability of your income will be much more important than the fact you filed bankruptcy in the past.

There is no "right" to credit. Landlords and credit card companies are well within their rights to consider your financial history in their credit decision.   However, debtors are protected from discrimination in employment and governmental licensing based solely on the fact that they have filed bankruptcy by provisions of the Bankruptcy Code § 525.

While the fact that you filed bankruptcy stays on your credit report for 10 years, it becomes less significant the more time elapses. In fact, you are probably a better credit risk after bankruptcy than before.

Read up on rebuilding credit

Credit after Bankruptcy order the book

Improving your credit score

Back to bankruptcy FAQs

Moran Law Group

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