Legal Question in Bankruptcy in Florida

After Bankruptcy

I had bankruptcy this year,I know about the seven years of waiting to establish credit again, or taking away the ''bankruptcy'' from the credit bureaus.

Could I have a Secured Credit Card through a Bank and, trying to manage the account, reestablish my credit in less than seven years?

Does the law prevent banks to give Secured Credit Cards to recent bankrupcy cases?

Thanks


Asked on 2/27/02, 4:13 am

1 Answer from Attorneys
Scott R. Jay Law Offices of Scott R. Jay

Re: After Bankruptcy

Absolutely. The law does not prevent anyone or any company from extending credit to you. If you can obtain a credit card - whether it is secured or otherwise, you can begin to build a new credit history. Many banks may start to solicit your business in a year or two knowing that you have already filed a bankruptcy and are precluded from doing so again for a period of 7 years. Further, you now have a clean slate and have limited other obligations which makes you a more attractive credit risk than someone who has a load of debt.

Good luck in restablishing your credit.

Scott R. Jay, Esq., 305-249-8000

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Answered on 2/27/02, 9:24 am


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