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Can you get a loan during bankruptcy?

From securing a house to paying off a new car, there are a number of reasons why Florida residents require loans. Many low-interest personal loans are available as well as other types of financing to look into. 

You may discover you require a loan at some point in your life, and for some people, that time is right in the middle of their bankruptcy. Filing for bankruptcy does not make it impossible to secure a loan, but it does make it a bit more difficult. Above all else, you want to be certain you use this loan for something advantageous. You would not want to dig yourself deeper into a financial pit. 

Receive approval from a judge

You will have much greater success securing a loan if you receive written approval from a judge beforehand. This will require you to provide information related to what the loan will go toward. Certain items have a higher approval rating than others. For example, if you need to buy a new car to get to work because your old one suddenly broke down, then there is a good chance you can get a loan because that is an essential purchase. However, if you want a loan to start a risky new business, then the judge may not be as receptive. 

Rebuild credit score

It almost seems like a catch-22 to rebuild your credit rating immediately after filing for bankruptcy. You need to secure a credit line to build up your credit, but you cannot receive a credit line during bankruptcy because your credit takes a hit. There are ways to build up your credit score, but you need to be cautious you do not do more harm than good. For starters, you can acquire a secured credit card. Spend a little on it each month and pay it off immediately. These steps can help you bounce back after bankruptcy more quickly. 

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