Can I get a loan after bankruptcy?

You can, but it will be more difficult. Even after bankruptcy, a lender will look at your ability to repay the loan. The lender will look at your income, debt and your ability to save and invest for emergencies.

What  is a secured loan after bankruptcy?

Secured loans are loans that are backed by a collateral. The most common form of collateral for a secured loan is a house or a car. If someone has a car or a house as collateral, they can borrow money from a bank or a finance company against the value of the car or the house. The loan is secured by the car or the house, which means that if the borrower doesn’t pay the loan back, the lender can repossess the car or sell the house.

The  amount for a secured personal loan depends on several factors. The borrower’s credit rating, income, and the value of the collateral are the most significant factors. The lender will usually check the borrower’s credit rating, income, and the value of the collateral before approving a loan. Even if the borrower has a good credit rating and sufficient income, the lender may not approve a loan if the value of the collateral is low. Some lenders will approve a secured loan for up to 80% of the value of the collateral. Some approved loans are even for 100% of the value of the collateral. However, not all lenders have the same policies.

Contact our Dallas bankruptcy lawyers today to learn more about how bankruptcy can eliminate debt and pave a fresh path to better loans.