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Q.Will I be able to get a credit card after bankruptcy?

A.When a person files for bankruptcy, the debtor must reliquish all credit cards to the trustee. When the bankruptcy is discharged, the discharged debtor is often now considered a good credit risk for two reasons: (1) the discharged debtor has no debt and (2)he discharged debtor cannot refule for bankruptcy for 7 yers. Nevertheless, a discharged debtor will often find it difficult to get a new credit card. One option is to request a "secured card" from your financial institution. A "secured card" is a card backed-up or secured by funds you have deposited with the bank or credit union. The card looks like a credit card, and acts like a credit card but will have a limit depending on the amount of money that secures the card. Use of the secured card will often enable you to reestablish your credit and build a good credit history.

Copyright 1999-2019 Melissa C. Marsh. All Rights Reserved. All Information on this website is subject to a Disclaimer and Use Agreement. This information is provided as general information only and should not be construed as legal advice. We advise you to seek the advice of competent legal counsel to address your own specific questions, facts and circumstances.