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Where to Get Loans After Filing Bankruptcy

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From Quick Guide: Chapter 11 Bankruptcy Roadmap

Summary: After filing for bankruptcy, most people will be able to get a secured credit card, as long as the bankruptcy was a Chapter 7. Learn about reestablishing credit by paying off a small item with help from a financial adviser in this free video on loans and bankruptcy.

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By Ted Schmidt
eHow Presenter

Ted Schmidt has spent the last 21 years as a financial strategist and consultant. He is active in the Hendersonville Chamber of Commerce and the Real Estate Investors of Nashville.read more

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kent313 said

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on 9/15/2009 i got an info that the onlinebkassist.com can help me file for my bankruptcy. do you know this company?send me feedbacks please.

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Video Transcript

"Where to get loans after filing bankruptcy. If it's a chapter seven and it's been a complete wipe out, most people are going to be able to get a secured credit card. That's handy to have if you're going to be doing any car rentals or buying airline tickets and this and that and the other thing. You know car companies, they want to see a credit card of some sort. And getting a secured credit card, meaning you put some money in the bank and they'll loan you back, they give you a line of credit and a Visa card or a Mastercard based on that collateral that you've placed in the bank, that can be done fairly easily. Another way that people reestablish credit is by going out and buying some small item, i.e. a piece of furniture, a TV, a microwave, whatever it may be, and putting it on a closed end type of finance contract. And you're literally encumbering that piece of... that washer machine and dryer, in many cases if you buy that washer machine and dryer and they put it on a finance contract. That's another way of establishing credit and getting a loan after you've been through a bankruptcy. A car loan, same situation, you've got a recourse type of loan where if you don't pay the loan, they're going to take the car. And finally a mortgage... Can you get a mortgage if you just did a bankruptcy? In most cases, the answer's going to be no. You need to let a couple of years go by while you're reestablishing credit, making payments faithfully on time with these other items that I just enumerated. And then you can go back to the well and see if you can go ahead and get a mortgage."

eHow Article: Where to Get Loans After Filing Bankruptcy

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