Getting a credit card after a Chapter 13 bankruptcy
If I file Chapter 13 bankruptcy, when can I get new credit cards?
You don’t get a new credit card until you complete the Chapter 13 process. Remember that Chapter 13 is a reorganization and repayment of your debts, and people who do Chapter 13 usually have a home that they’re trying to keep – maybe they’re a little bit behind on it – it allows you to do that. Or perhaps a car.So it takes anywhere from 3-5 years to complete. In this jurisdiction, a typical case is 5 years because that’s the lowest payment.
After that process is complete, after 5 years, your debts are paid off. You can do what you want then. And you’ll find plenty of opportunities to get new credit cards. They’ll come to you in the mail, and the real problem will be resisting the urge to take advantage of all of them so that you end up back in bankruptcy again. You don’t want that to happen so, you know, you might want to consider something like a debit card, so that you just deposit your own money into a bank and you’re limited to the extent of that account.
But it’s up to you, and credit opportunities will come your way after discharge.
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