Steps to get personal loan in spite of Bankruptcy - daydaily

Written on February 7, 2013 ? 2:55 pm | by universe |

If you have filed for bankruptcy, then you might be worried that it is going to spoil your life completely and you will never be able to become financially sound. You also might be thinking that your credit score will continue to remain bad and no one will give you any personal loan. However, there is still hope and based on the bankruptcy law, your credit report can show bankruptcy only for about 10 years.

You can work towards reducing this duration of 10 years considerably with the help of credit agencies by being regular in your payments and becoming more financially responsible. You should try to keep your debts under control and ensure regular payments of your credit cards and other bills and have regular job and income. This will help your credit agencies to revive your credit scores and you can even consider the option of a bank loan.

How to get personal loans after you have filed bankruptcy?

By following some simple tips and steps you can manage to get a personal loan from a financial institution, bank or a personal lender once you have filed bankruptcy.

• You should first analyze your credit report. With bankruptcy, most of your earlier debts will automatically get cleared. It will however, damage your credit history and it will become considerably low but it will still enable the banks to check and evaluate your report. It will reassure them that you have zero credit balance and you are clear all the debts and there is no financial liabilities.

• If you are thinking of a personal loan, the most important thing that you need to do is pay up all your debts which can be your credit card balances, other personal loans which you have not been able to repay, alimony or child support and other liabilities which needs to be cleared. You can then get personal loan from a financial institution but you need to assure them that you will repay it consistently and without defaulting.

• You can choose the option of getting a credit card which is secured by offering your collaterals and with interest rates which are quite high. Though it would be little difficult to manage, it will help you to improve your credit score and revive it considerably. This in turn can lead to you getting more personal loans.

• Having a cosigner while applying for a personal loan from a personal loan lender can also help as the banks will check your cosigner?s financial status. It will also reduce your risk factor and take care of you your inability repay your loans, your co-signer can help you financially.

• You should also show that you are getting regular income and you are a regular employee. This will satisfy the financial institutions and you can also show them that you have been working for more than three months prior to applying for a personal loan. In case the bankruptcy is associated to you being unemployed, the first step is to get a job which is well paying and then consider the option of personal loan.

According to laws related to bankruptcy, you cannot be rejected a personal loan and it is considered illegal so you should plan wisely and do research and apply for a loan.

Author Bio : Jami is a person with a passion for writing. She has been written articles on different & various topics as guarantor loans, & view also about Morgan Finance here,

Source: http://daydaily.com/2013/02/07/steps-to-get-personal-loan-in-spite-of-bankruptcy/

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