Some credit card companies
Some credit card companies and other lenders have perpetuated the myth that cardholders and borrowers who have filed bankruptcy will never get credit again. It just simply is not true. There are lenders who are willing to take multiple risks on borrowers who have been forced into bankruptcy. These are the same companies who may have helped you get into a sinking financial situation before your bankruptcy, by offering to extend credit to you with a constant bombardment of pre-approved offers of credit that end up costing you so much interest that you become buried in debt.

These companies advise against bankruptcy because they would prefer that you took the food out of the mouths of your children and sent them your last dollar to preserve your credit rating, thus raising their profit margin - which is their bottom line.

Positive Views Of Bankruptcy

Although your bankruptcy is technically detrimental to your credit file, there are positive views of bankruptcy in the eyes of some lenders. For starters, you do not pose a risk of filing bankruptcy on your new debt because you cannot file bankruptcy again for a period of years (the number of which is dependent upon which chapter you file).

Since your employment will factor into a the decision to loan you money, potential new creditors see you as a working person who would have no choice but to pay the loan off, or face garnishment of your wages. Secondly, all of a sudden you have no debt with other lenders hanging over your head.

Article Source: //EzineArticles.com/3181648
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