Like many people in the United States these days, you may have come to rely on your credit card for many things. If you know you need to file for bankruptcy, you may be concerned about whether you will ever be able to get a credit card again.
While it will depend on your individual circumstances, many who file bankruptcy do indeed go on to get credit cards again, fairly easily and rapidly. While filing will negatively affect your credit score, time and good practices will help it rise again — and many banks may soon be willing to issue you credit again.
A secured card as a temporary measure
One of the ways to rebuild your credit score is to take out a secured credit card. In many ways, it works like a normal credit card. You are given a credit limit and billed at the end of each month according to what you have spent. The difference is that to get the card in the first place, you will have to put down a security deposit equivalent to your credit limit. If you then fail to meet your monthly payments, the lender can use this deposit to avoid being left out of pocket.
There are several other options, such as becoming a cosignee on a card with someone else whose credit rating is intact, or taking out a credit builder loan. Both can slowly help rebuild your credit score – provided that you make the payments on time.
There is a lot to consider when deciding whether to file for bankruptcy. Seeking appropriate legal guidance can help you get the information you need to make the best decision for your circumstances.
