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Will Filing For Bankruptcy Prevent Me From Getting Another Credit Card?

No, if won’t. And to be honest, once you receive a discharge at the end of your bankruptcy, you can expect the credit card companies to start sending you applications right away. In fact, you can probably expect your mailbox to be flooded with credit card applications the moment you receive your discharge.

Why is this the case? Well, if you think about it, it makes sense (at least from their point of view). After a bankruptcy has run its course, you receive what is called an official discharge of debts. This means that all unsecured creditors (such as credit cards, medical bills, payday loans, deficiencies on a repossessed car, overdrawn bank account, etc.) are knocked out forever. You are not obligated on these debts anymore, and your former creditors can no longer demand payment or pursue any collection activity. All debts are quite literally wiped away, and you can begin your life fresh again.

And the credit card companies know this as well. But instead of it being a detriment to your ever having another card again, it actually works in your favor. This is because once you’ve had all your old debts wiped clean, you literally get a ‘re-do,’ a ‘start-over.’ You begin at ground zero. You are debt free. And to the credit card industry (even those same companies that you might have discharged in your bankruptcy) will now look at you with covetous eyes. They will view you as the most attractive candidate in the world. Overnight, you will have had your old debts knocked out. And to them, this means you are in a perfect position to begin making minimum monthly payments on a new card.

Sounds ridiculous, I know. But that is the way the credit card industry works. Their main concern is getting people into debt so that they can make outrageous sums of money on all the interest they assess.

So yes, you will be able to get a new credit card after you file a Missouri bankruptcy. And to be honest, it is often a great way to begin rebuilding your credit score and history (so long as you use the card wisely). Whether the case is a St. Louis Chapter 7 bankruptcy, or a St. Louis Chapter 13 bankruptcy, the St. Louis bankruptcy lawyers at Brinkman & Alter, LLC have been assisting people with their finances and debts for years. We are prepared to guide your through the bankruptcy process, and get you the fresh start / clean slate that you deserve.

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