You can actually be liable for a loan, even if you have filed for bankruptcy. Although this may seem contradictory, even though it is difficult it can also be possible. One point in your favour when you have filed for bankruptcy is that you will no longer be in debt; you are therefore more likely to find a company that will concede a loan.
Bankruptcy loans can help in bill consolidation and can also help improve your credit rating. It may be a good idea to seek the advice of a financing expert or bankruptcy attorney, for they may help you in finding a way to obtain a bankruptcy loan. They will also be of great assistance when negotiating the terms of the loan. This will be to your advantage and will pay back any expenses you had to sustain for bankruptcy counselling.
It goes without saying that most loan companies will systematically refuse all loan requests if you have filed for bankruptcy, for they do not want to run the risk of being added to the creditors list. Nevertheless, not all loaning companies will refuse your application, however, they will be offering higher interest rates and fees, and will demand to see your credit report. Although this report will most likely be negative, if you take care in keeping the last months clear from delayed payments or added debts, this will count in your favour. If you do find a company that will grant you a loan, the interest rates will be high and the reimbursement period shorter than what it usually is.
Most companies will not take any loan application into account before a period of two years from your bankruptcy; your best option is to search on the Internet for alternatives. It will still be hard to differentiate between the good and the bad companies, so it may be useful if you seek for the advice of a financial specialist in bankruptcy loans. A financial specialist or bankruptcy attorney will help you make the right choice, and avoid further debts. Although most people would not choose to go into more debt right after bankruptcy, this can help the process of credit repair.