Vanillacokefans

Chapter 7 Doesn’t Mean You Can’t Get Credit

Under a Chapter 7 filing, the debtor will see many assets sold to pay off debts. While this approach can do more harm to an individual’s credit score, it does get them out from under the mountain of debt that originally caused their financial woes. It is generally impossible to be approved for auto loans while a Chapter 7 case is under consideration. A consumer’s credit rating is left in tatters once the proceedings have been completed. Most property of a personal nature is lost in these kinds of proceedings. Credit card and medical debts are generally discharged, but much personal property must be sold. It can be very difficult to obtain financing after this type of filing, but not impossible.