If you had to file bankruptcy due to high medical bills, you may feel relief knowing that the debt is gone, but may not know how to get back on your feet. The good news is that you should be in a better position to pay your other bills now that the debt is gone. However, you may still be feeling uncertain about your financial future.
How Bankruptcy Helps You Get Back on Your Feet
Bankruptcy can actually be a blessing for if you have a chronic illness, in that it can help you erase the high medical bills, and get back on your feet. You will be able to rebuild your credit after bankruptcy and create a brighter future for yourself. Knowing how to get started isn't always obvious though.
Many people falsely assume that bankruptcy will keep them from getting a loan for 7-10 years. Although bankruptcy does stay on your credit report for about 7 years, you should still be able to get financing for the things you need. However, your interest rates are going to be high until your credit is reestablished, so it's important to be realistic about your needs.
Rebuilding Your Credit after Bankruptcy
Rebuilding your credit after bankruptcy isn't always easy. Traditional lenders such as banks and credit unions will often turn you down for loans. That's why it's important to find lenders who work with bankruptcy clients.
Here at BankruptcyAutoFinancing.com we have been helping people rebuild their credit with auto loans for over 10 years. Our network of lenders can help you get into a car, and make your financial future brighter. To qualify, you just need to meet our minimum requirements:
- At least one year with your current employer.
- Minimum gross monthly income of $1,500.
- Money down may be required.
- No repo in the last year unless part of a bankruptcy.
- No motorcycle or private party purchases.
- Must reside in the United States or Canada.
Remember, we are not lawyers and cannot give legal advice. The situations discussed are only our experiences over the years and may vary with each customer.