Qualifying for a Loan After Bankruptcy
Our office located in Toledo, Ohio has handled over 2,500 personal bankruptcy cases. After receiving their bankruptcy discharge, most of my clients want to rebuild their credit. Listed below are a few steps which should enable a person to qualify for a loan after a bankruptcy.
1) Have verifiable income
The higher your income the greater will be your income to debt ratio, a key factor used by lenders.
2) Police your credit report
Just because you have debt that was discharged in your bankruptcy does not mean that your credit report accurately reflects this. Make sure your report does not show erroneous negative information.
3) Accumulate some savings
Lenders feel more comfortable dealing with people who have a “rainy day” fund. Bankruptcy should give a person a financial “fresh start.” At the Fredric Boyk Law office we make an effort to aid our clients with their post bankruptcy financial decisions. For a free consultation you can call (419) 327-6160 seven days a week.