Myth!

Filing for bankruptcy can make obtaining credit more difficult, but it does not mean you can never get credit again. According to MSH Associate Matthew Martin, consumers may be able to obtain credit after bankruptcy, although they may initially face higher interest rates or less favorable terms. Many people who file for bankruptcy are able to rebuild their credit over time and eventually qualify for loans, credit cards, and even mortgages. Rebuilding credit is possible, but it takes time and responsible financial management.

If you’re considering bankruptcy or have questions about how it could affect your financial future, MSH can help.