Refinance After Bankruptcy

February 5th, 2011 by Lauren Hazon | Print

However if you are considering doing this right after bankruptcy; you are going to notice that it is going to be difficult to find someone who is going to offer you a decent interest rate. After all your credit report is going to be screaming that you just filed bankruptcy.

You may want to consider rebuilding your credit for a couple of months to prove to the creditors that you are worthwhile of paying back the loan. You will hear people tell you that it will take you years to rebuild your credit or to be able to get a loan; however I have personally found this to be false.

I started receiving statements for loans and credit cards a couple of months after filing bankruptcy. However I have neglected to take them up on their offers; after all I do not want to get back into debt and I do not think that you should accept them either.

If you are employed after filing bankruptcy and are making the same amount of money when you were trying to pay all your debts; then the good thing is that you can work on rebuilding your credit and saving some of your monthly income as well.

It is possible to refinance after bankruptcy; however you will have to disclose the information to the lender as to why you filed. Your best option is to be as truthful as possible; eventually you will find someone who is willing to take a chance with you and help you get that loan so that you can reestablish your credit with them.

You will just have to keep looking for lenders who are competing for your business and who are willing to offer you the best interest rate.

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