Can I still obtain a loan after filing for bankruptcy?

Yes, it is possible to obtain a loan after filing for bankruptcy in Kansas. After filing for bankruptcy, whether it is a Chapter 7 or Chapter 13 filing, the process is in place to help people regain control of their finances. Bankruptcies are viewed as a “fresh start” and, as such, lenders may be willing to extend credit to persons who have filed for bankruptcy protection. It should be noted that interest rates on a loan following a bankruptcy may be higher than a loan obtained prior to filing. In addition, the loan amount may be limited and secured. JPMorgan Chase notes it may consider certain loan products post-bankruptcy, such as secured loans and credit cards that require collateral. Wells Fargo also offers personal secured loans to those who have recently filed for bankruptcy. These loans require collateral in the form of an asset, such as a vehicle, to secure the loan. It is important to note that filing for bankruptcy does impact credit score and creditworthiness. After filing for bankruptcy, it may take several years to rebuild credit. Many financial experts suggest that those who have filed for bankruptcy should focus on obtaining secured loans, such as credit cards, to rebuild credit. It is possible to obtain a loan after filing for bankruptcy in Kansas. When considering a loan post-bankruptcy, secured loans with collateral may be an option. Moreover, it is important to rebuild credit over time, so that loan terms and interest rates can be improved over time.

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