Borrowing money depends on the requirements the lender of the money needs.

Answer Applies to: New York
Replied: 11/2/2011

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You will be able to borrow money but it will cost more. You should not be borrowing money to meet your living expenses. If you are working you need to adjust your expenses so they fall below what you earn. The ideal is to live below your means not above.

Answer Applies to: California
Replied: 11/1/2011

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Probably not. Right now, the banks are reluctant to lend money to someone who just completed a bankruptcy and needs to borrow money in order pay for living expenses and work items. You should really focus on your budget and make sure you are living within your means. Otherwise, accumulating more debt could cause more problems in the future.

Answer Applies to: Colorado
Replied: 11/1/2011

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You must ALWAYS seek the permission of the bankruptcy court to borrow money DURING a bankruptcy. Also, you should NOT borrow a great deal of money just prior to filing bankruptcy as it doesn't look good. You may need to do some advanced planning for your work needs if you still need to borrow at this time and will for the foreseeable future. Timing sounds like it could be an issue for you.

Answer Applies to: South Carolina
Replied: 11/1/2011

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It is a violation of federal law to incur additional debt in contemplation of bankruptcy. So, it is actually illegal to borrow money on the verge of filing a case under the United States Bankruptcy Code. There are no such legal restrictions on borrowing money *after* you have filed your petition. In fact, in many cases (typically, Chapter 11 cases) there is a whole market of lenders who specialize in lending to companies who have already filed for bankruptcy (these lenders are referred to in the industry as DIP lenders DIP stands for Debtor in Possession). However, for typical individual filing a Chapter 7 or Chapter 13 case will usually find it difficult to obtain credit immediately after filing a personal bankruptcy, particularly until after the case is closed. Once the case closes, individuals with a regular income will usually be able to obtain credit, however, it then becomes a matter of starting from scratch on re-building your credit worthiness in the eyes of most lenders.

Answer Applies to: Massachusetts
Replied: 11/1/2011

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You will not have any credit cards after bankruptcy. Be very careful of the new ones they offer you post bankruptcy, They are high interest and have allot of fees. You could very easily find yourself in the same position you are in now.

Answer Applies to: California
Replied: 11/1/2011

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You can, but it depends on how you borrow the money. If you apply for a bank loan or for government benefits, then the bank loan will be considered a debt when you file for bankruptcy and not used against you. If, however, you borrow money from a friend or relative, then unless you set up a specific agreement that details the arrangement and how it will be paid off, then the money you borrow will be considered income in the six month period before applying for bankruptcy.

Answer Applies to: New York
Replied: 11/1/2011

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Whether a future potential creditor is willing to loan you money after your bankruptcy is through is more of a practical question rather than a legal one. A creditor will look at the risk factors of loaning you the money and then make a decision.

Answer Applies to: Virginia
Replied: 11/1/2011

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Probably not, at least with traditional lenders.

Answer Applies to: California
Replied: 11/1/2011

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You are free to borrow money after you file bankruptcy if you can find someone to extend the credit it to you.

Answer Applies to: Minnesota
Replied: 11/1/2011

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If you are filing a Chapter 7 bankruptcy, the answer is yes. You may borrow as much as you like from whomever will lend it to you. If you are filing a Chapter 13, you may only enter into a debt after filing if you have Court permission or it is a medical emergency.

Answer Applies to: Texas
Replied: 11/1/2011

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No, once a bankruptcy is filed, you cannot take out new loans while in the bankruptcy.

Answer Applies to: Georgia
Replied: 11/1/2011

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You can not take on any new debt during your bankruptcy unless you are disclosing it to the trustee. A chapter 7 will only take a few months if you can wait til after your discharge then you can do what you want at that point.

Answer Applies to: New York
Replied: 11/1/2011

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It is never a good idea to borrow money right before you file for bankruptcy as this is a red flag for fraud. After you file for bankruptcy you can certainly borrow money, but chances are you will not qualify for a loan given the recent bankruptcy filing or you may be given a very high interest rate.

Answer Applies to: Georgia
Replied: 11/1/2011

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It will be very difficult to borrow money after you file for bankruptcy.

Answer Applies to: Colorado
Replied: 11/1/2011

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That depends on if you can convince someone to lend it to you. Most individuals who go bankrupt receive a credit card offer within one week of receiving their discharge.

Answer Applies to: New York
Replied: 10/31/2011

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Bankruptcy wipes out old debt to put one in a position to get new extension of credit.

Answer Applies to: Indiana
Replied: 10/31/2011

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If you are in a Chapter 13, no. If you are in a Chapter 7, possibly, but realistically, who do think would loan you money under those circumstances? (The obvious answer is no one).

Answer Applies to: Georgia
Replied: 10/31/2011

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It is probably inadvisable to borrow money immediately after bankruptcy. Nothing in law prohibits it.

Answer Applies to: California
Replied: 10/31/2011

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In a Chapter 7 bankruptcy, you could be responsible for any debt you incur with 180 days of your filing. If you file a Chapter 7 bankruptcy, you can incur debt immediately after filing, but that debt will not be dischargeable in your bankruptcy and you will be prevented from filing for bankruptcy again for 8 years. In a Chapter 13, you cannot create new debt after filing without permission of the bankruptcy court.

Answer Applies to: Georgia
Replied: 10/31/2011

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Yes. What you do after the bankruptcy is your business.

Answer Applies to: California
Replied: 10/31/2011

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It depends. If you're going with a commercial lender it will be at a higher interest rate. As you show your credit worthiness then your ability to borrow at lower rates should improve. I would recommend lowering your living expenses so you don't need to borrow.

Answer Applies to: Nevada
Replied: 10/31/2011

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There is no legal reason why you can't borrow money after filing for bankruptcy. However, many lenders will not lend to people right after they have filed for bankruptcy. Or, if they are willing to loan money, they will often require a very high interest rate on their loan.

Answer Applies to: Colorado
Replied: 10/31/2011

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There is nothing in the law which prevents you from borrowing after filing bankruptcy. It will be listed on your credit report when you file.

Answer Applies to: California
Replied: 10/31/2011

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You can try to borrow money after filing a Chapter 7 at anytime if you can find anyone who will lend money to you so soon after the bankruptcy and especially for living expenses.

Answer Applies to: California
Replied: 10/31/2011

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You can still borrow money after filing bankruptcy, there are no laws prohibiting you from doing so. However, it will be much more difficult to qualify for credit.

Answer Applies to: Colorado
Replied: 10/31/2011

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Borrow from whom because you cannot use your credit cards. Depends on if someone will loan you money.

Answer Applies to: California
Replied: 10/31/2011

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