Can I still obtain credit while in Chapter 13 Bankruptcy?

Yes, you can still obtain credit while in Chapter 13 Bankruptcy in Washington. Depending on the type of credit you wish to obtain and the lender, you may be able to get credit. Chapter 13 Bankruptcy is a form of debt reorganization, which helps you pay off your debts with a repayment plan over a period of three to five years. When applying for credit, lenders will view your credit report. During a Chapter 13 Bankruptcy, your debt and payment history are recorded by the credit bureaus as part of the debt reorganization process and reported to creditors. However, lenders may still decide to extend credit to you, depending on the terms of the bankruptcy agreement. If you are approved for credit, like a credit card or loan, you will be subject to a higher interest rate and may be required to put up collateral. You should also remember that lenders are required by law to look at your whole financial picture in order to decide whether to approve or deny you for credit. It is important to remember that if you obtain credit during your bankruptcy, you must make all payments on time in order to stay in compliance with your repayment plan. If you miss payments, you can lose your bankruptcy and your creditors may take legal action to collect the debt.

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Can I still obtain credit while in Chapter 13 Bankruptcy?

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