Loans while in bankruptcy
Once you file for bankruptcy, you are branded as a risky financial investment for 10 long years. This is a very long time to live without availing of loans; so, what do you do? You can take out loans while in bankruptcy, though you have limited choices.
First, you can ask your friends and relatives to help you. Ensure that you give them a plan of repayment and you adhere to it. It is very easy to spoil relationships over a personal loan, so be very careful. Second, you have the choice to apply to bankruptcy specialized financial institutions who will be happy to lend you the money provided you offer collateral, a co-signee or are willing to pay a high interest rate.
You will have to choose the solution that suits you best. In case you ask a friend to co-sign the loans for you, remember that any payment deviations on your part will reflect on his/her credit report as well!
