Can personal loan be taken after discharge from...

[Laura]

...bankruptcy? My friend was discharged some 4 years ago. Is it possible for her to take a personal loan? Will getting rid of credit cards be feasible or a bad idea?

[grannywinkie]

Sure, if her credit is good. Paying household bills even come into consideration with credit checks. Four years is about the time that she can start rebuilding her credit. The trick is to have better control and not apply for too many cards.

[Reina de Trebol]

I had a co-worker that filed for bankruptcy and bought a condo and a car within six months. It all depends on how good of a lawyer you have and the terms of the bankruptcy.

[Zoey774]

Sure, but she may be subject to a super high interest rate and fees. It will also depend what she has done so far to start rebuilding her credit and what her current credit to debt ratio is. Does she have a positive payment history? And no matter what that bancruptcy will be reported by credit bureaus for 7 years. But still yet there are lots of loans to be had out there your friend just needs to be sure and read all the fine print and understand what she's getting into with any new loans.