Bankruptcy can be a bitter pill to swallow, but sometimes it’s the only route to take. Besides the frustrating court process, filing for bankruptcy stains your credit to some considerable levels. While bankruptcy erases all your past debts from credit history, its impact stays for a while.
A bankruptcy loan gives you a chance to start afresh, rebuild your credit, and put it back in good standing. Besides, there are plenty of opportunities to receive post-bankruptcy loans. Private bankruptcy lenders are one option.
The idea of a lender wanting to give you a loan after bankruptcy can seem absurd, but there are actually things that make you a desirable client.
You have no other debts
Bankruptcy clears your debt history, leaving you with a clean slate. Lenders find such clients attractive since they have little to no other financial obligations. Therefore, they are sure that you afford to pay the new loan on time.
You can’t file for bankruptcy again
Once you file for bankruptcy, you can’t file again for a long time. This is meant to discourage bad spending habits. Lenders will take into account how long you have until you can file for bankruptcy again and offer you a loan within that period.
Since you can’t file for bankruptcy again, you have absolutely no chance of walking away with the loan money.
You have a job
Most post-bankruptcy loans are possible when you have a job. If you can withdraw a consistent paycheck for a few years, you are a great client to lenders. Besides, the lender knows how to get his dues if you fail to repay your loan.
As you can see, bankruptcy isn’t the end of life. You have ways to start over again and build your future with the help of a bankruptcy loan. By making positive changes today, you never have to deal with the bankruptcy nightmare again. You also have the chance to set a bright financial future.
