Are Awful Credit Personal Loans In The US A Wise Bet?
Despite what you may have heard bad credit personal loans after bankruptcy are available from some companies. Sometimes in fact some companies will offer them as little as 30 days after the bankruptcy discharge.
You see these companies rely on the fact that no individual after filing bankruptcy can do so again until seven years have passed and sometimes even longer.
So these companies are willing to do business with these people simply because they have a legal way to recover their investment in the future should things go bottom-up.
Even though many of the larger boys in this industry are simply not interested in this market these other generally smaller companies are taking the market very seriously.
Even with the counseling requirements of bankruptcy on financial management and responsibility, there is no law that requires those declaring bankruptcy to follow any suggestions made during the counseling.
Once the bankrupt individual has discharged his bankruptcy he or she should be free to go after a bad credit personal loan when they feel the time is right.
Although bankruptcy records are open to the public, and their availability is often seen as an embarrassing punishment for ignoring past responsibility, the availability of bad credit personal loans after bankruptcy has many taking that route to get out from under a heavy debt load.
In fact some of these people who are not so fortunate end up going from one bankruptcy to the next every seven years. Even today with the new bankruptcy law in place this still happens.
No Laws Govern Who Applies For Bad Credit Loans
There are a number of laws in place that govern who can give bad credit personal loans after bankruptcy as well as the amount of interest charged with these loans. However no such laws exist to govern who can apply for these loans.
Even a person who has multiple bankruptcies in their past are free to seek financial help wherever they can find it. Despite the significantly higher cost of bad credit personal loans after bankruptcy people often flock to the lender offering such loans.
Lenders who offer these loans are generally set to make a profit even if the loan goes into default because of the legal recourse they have available to them in this situation which can include wage garnishment. In fact it is normal when applying for these loans do not even need collateral!
You see when someone defaults on one of these loans a court ordered repayment is commonly granted right away for however much the loan comes to, plus all costs involved with the collection of the loan.
As with anything bankruptcy related, if you are bankrupt you must consult a lawyer in regards to this subject and carefully convey all of your options before making any decisions. - 23159
You see these companies rely on the fact that no individual after filing bankruptcy can do so again until seven years have passed and sometimes even longer.
So these companies are willing to do business with these people simply because they have a legal way to recover their investment in the future should things go bottom-up.
Even though many of the larger boys in this industry are simply not interested in this market these other generally smaller companies are taking the market very seriously.
Even with the counseling requirements of bankruptcy on financial management and responsibility, there is no law that requires those declaring bankruptcy to follow any suggestions made during the counseling.
Once the bankrupt individual has discharged his bankruptcy he or she should be free to go after a bad credit personal loan when they feel the time is right.
Although bankruptcy records are open to the public, and their availability is often seen as an embarrassing punishment for ignoring past responsibility, the availability of bad credit personal loans after bankruptcy has many taking that route to get out from under a heavy debt load.
In fact some of these people who are not so fortunate end up going from one bankruptcy to the next every seven years. Even today with the new bankruptcy law in place this still happens.
No Laws Govern Who Applies For Bad Credit Loans
There are a number of laws in place that govern who can give bad credit personal loans after bankruptcy as well as the amount of interest charged with these loans. However no such laws exist to govern who can apply for these loans.
Even a person who has multiple bankruptcies in their past are free to seek financial help wherever they can find it. Despite the significantly higher cost of bad credit personal loans after bankruptcy people often flock to the lender offering such loans.
Lenders who offer these loans are generally set to make a profit even if the loan goes into default because of the legal recourse they have available to them in this situation which can include wage garnishment. In fact it is normal when applying for these loans do not even need collateral!
You see when someone defaults on one of these loans a court ordered repayment is commonly granted right away for however much the loan comes to, plus all costs involved with the collection of the loan.
As with anything bankruptcy related, if you are bankrupt you must consult a lawyer in regards to this subject and carefully convey all of your options before making any decisions. - 23159
About the Author:
Bad Credit Personal Loans happen to be only one of many topics one can read more on at the How To File Bankruptcy Archive.
posted by X - Men @ 4:34 AM
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