Credit after Bankruptcy – A Good Idea?

Bankruptcy is a term that evokes fear in most of our minds. But the thought of starting afresh, being DEBT FREE leads most of us to bankruptcy advisors and seek bankruptcy advice to determine whether filing for bankruptcy is indeed the best option. There are innumerable questions in the minds of people who have been declared bankrupt, clear answers are unavailable to most of their questions. Will I get credit after bankruptcy? Can I get a credit card after bankruptcy? Does a bankruptcy home loan or bankruptcy car loan come with exorbitant rates of interest? You might believe that you need to wait for at least two years before you can purchase a home or get a mortgage after bankruptcy and that no lender would help you because they have suffered bankruptcy. However there are a number of lenders who provide bankruptcy loans soon after your discharge at competitive rates of interest. You could also get a secured bankruptcy credit card with the help of a savings account you establish with your creditor. This savings account works as collateral for your credit limit. Your creditor will take the money from this savings account if you default on payments. However if you are looking for an easy, fast and zero risk option, the obvious choice would be unsecured bankruptcy credit card.