In handling Round Lake bankruptcy cases, this is a question I get a lot because people are worried about credit after bankruptcy and they are worried about whether or not they are going to ever going to get a loan. You will be able to get credit after a bankruptcy case, whether it be Chapter 7 or Chapter 13. In a Chapter 7 case, you typically have to wait anywhere from 90 days to six months before you’ll start to get offers for some credit. You will get auto offers immediately after filing before your case has even gone to discharge. With regard to mortgages, you must wait approximately 2 years after filing a Chapter 7 bankruptcy before you can qualify for a decent mortgage. You will be able to purchase furniture, you will be able to purchase electronics, and you will be getting offers for credit after your bankruptcy case is filed.
One thing that creditors know after your Chapter 7 bankruptcy is filed is that you do not owe all of the people that are listed on your credit report. Thus, you are a better risk for them because you do not have all that outstanding debt hanging over your head. You only have to really worry about paying back any post-petition debt such as a reaffirmed vehicle or an ongoing mortgage payment. So you will get offers for credit after a bankruptcy case is filed, and pretty soon after a case is filed as well.