Legal Question in Bankruptcy in Vermont

Future Credit After Bankruptcy

My son is thinking of filing for bankruptcy. However, he wants to know when he will be able to re-establish credit for himself, that is, get a credit card or two, apply for an auto loan. Would he be better off in the long run applying for debt consolidation or bankruptcy? Thank you.


Asked on 9/09/03, 3:20 pm

2 Answers from Attorneys
Neil Colmenares The Law Office of Neil E. Colmenares, P.C.

Re: Future Credit After Bankruptcy

It is easier to get credit after bankruptcy than most people think. To see if bankruptcy is right for your son, look at the bankruptcy page on our website at www.nycounselor.com. If you still have any questions, please feel free to schedule a consultation at 718-888-3108.

Very truly yours,

Neil E. Colmenares, Esq.

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Answered on 9/09/03, 3:24 pm
Andrew Nitzberg Andrew Nitzberg & Associates

Re: Future Credit After Bankruptcy

Whether to petition for CH7 bankruptcy is a difficult decision. Your son is welcome to meet with me to discuss the matter for no fee at my offices at 42 west 44th st., NY,NY. Please call for an appointment first - (646)591-5786.

regarding credit afterwards, I am constantly surprised at the offers to my clients of unsecured credit cards with 500 to 5,000 dollar limits after filing for CH7. It is wacky, but it happens. But a car loan or a home mortgage is diferent. It will become more difficult, but there are many financial organizations that specialize in just that kind of loan. They are well-known to the card dealers and real estate brokers. However, the interest rates are higher for post-bankruptcy clients.

You are welcome to discuss the matter with me and make your own decision. Information is important, and I am happy to share my knowledge and experience.

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Answered on 9/09/03, 3:49 pm


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