Can You Acquire Loans While in Bankruptcy?
Of course, you can get loans while in bankruptcy. The only drawback is that the terms and conditions will be crippling! However, there’s a way around this problem.
Find a person who will be willing to lend his good name (his or her credit score should be high and his credit report impeccable) as a co-signee to your loan. His assurance to the bank or financial institutions will indicate that he will make good on the loan in case you fail to do so.
Beware that default payment involves far more than repayment in such cases. The credit score and report of your co-signee will reflect such failures, and his score will be degraded. Be very careful about the repayment schedule of such loans, as this will reflect your friend or relative in a bad light and damage his or her credit standing.
