Before a creditor will approve you for a personal loan, there are a few things they will consider after you have filed for bankruptcy.
The information they will require from you is only for confidential purposes and for their own protection.
Creditors will not want to give out personal loans to just anyone who has had to file for bankruptcy.
These are a few things Your potential lender or creditor will need to know: 1.
They want to know if you have too many existing debts presently because they are concerned that you may not be able to make your payments promptly.
2.
They will check to see if your waiting period has lapsed since you filed for bankruptcy.
3.
They will check to see if you presently own enough collateral to back up your debts.
With that, your creditor will be sure that he has something to take from you.
4.
They will have a minimum criteria that you will have to meet in order to be approved for your personal loan.
What you must know and do: 1.
Pay all your bills on time- By doing this, you are working on getting your credit score back up to a higher standing.
2.
Wait for some time: You will have to wait for some time which is officially a waiting period.
If you don't wait for this period you may not be able to obtain a loan.
3.
Do not get out there and get yourself into too much debt again, that can get you into so much trouble financially.
You want to go up from here with your financial situation and you can do so by taking all the steps I have mentioned and you will be back on the road to financial freedom.
By maintaining good credit for some time, you will have no problems when you decide to get a personal loan in the future.