How To Get A Personal Loan After Filing For Bankruptcy • ATL Law - Atlanta Bankruptcy Attorney
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How To Get A Personal Loan After Filing For Bankruptcy
As time moves on, and our economy continues to grow, so does our debt. Last year, almost one million people in America filed for bankruptcy. That number is expected to continue to rise, especially when another recession hits, which could be at any moment in time. With the growing number of bankruptcy filings, money gets tighter and tighter, and the need for personal loans grows larger and larger. So, how does someone acquire a personal loan after filing for bankruptcy?
Build and Monitor Your Credit
After filing for bankruptcy, your credit score can be affected anywhere from 130 to 230 points. this can make it very difficult to acquire a personal loan in your near future. So it is extremely important to constantly be checking your credit, making payments well on time or even in advanced, and work on building it back up. Once you get to a better credit score, you are much more likely to qualify for a personal loan. However, this can take time; years actually.
Apply For A Secured Loan
The qualifications for a secured loan are much more loose than those of a unsecured loan. There is a catch, however. Secured loans are backed by your personal assets, such as a house or car. This means that if you don’t end up paying back the secured loan, those items can be taken away from you as collateral. On the plus side, making your payments on time on these loans will help you to build your credit back up, and get you on the right track.
Call MyATLLaw Today! 404 – 800 – 4001
If you’re drowning in debt, call MyATLLaw immediately, and we can get you back on track for $0* down, and get you on a repayment plan so that you only have to pay back a fraction of your debt or pay nothing back at all through a Chapter 13 or Chapter 7 Bankruptcy. We are experienced attorneys who deal with repossessions everyday.