Can I get a new credit card after filing for bankruptcy?

My clients usually receive offers for new credit cards in the mail within a month of filing for bankruptcy relief. It is true that you will close many of your old credit cards as part of filing for bankruptcy, but you will be able to open new accounts very soon. Many of my clients are surprised by this because they thought they would never borrow money again, but this is a myth spread by lenders.

The truth is that lenders have an incentive to lend to people that have recently filed bankruptcy. This is because you will have no debt after filing for bankruptcy and are much more likely to pay off the loan.

Lenders spread the myth that they won't lend you money after you file for bankruptcy because they know that they will get nothing if you file for bankruptcy. Once you have filed the case, however, they have already lost, and they know it, so they will lend to you again to earn interest.

The Law Offices of Curtis K. Walker, designated a debt relief agency by an Act of Congress and the President of the United States, has proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 29 years.

© 2010 Curtis K. Walker