Bankruptcy is the only way for many people to get rid of their debts. If you do not make new debts within six years after the opening of the bankruptcy and if you meet all your obligations towards the trustee, you will be free of debts after these long and sometimes arduous six years.
Since the bankruptcy is registered in Credit Bureau, it is negative and ensures that the creditworthiness is also poor. Taking out a loan with Credit Bureau and bankruptcy should therefore be quite difficult. No house bank or any of the other major banks is going to grant a loan here. In addition, it is known that the debtor is not allowed to incur new debts. A loan is a debt. This would violate the requirements and endanger the bankruptcy proceedings.
These options are available with a Credit Bureau loan and bankruptcy
However, some consumers are not deterred by this. They think they need a loan. Even in this difficult phase. If this is really the case and you want to take the risk, then you have to go different ways than the one you would normally choose with a conventional loan.
So only a loan without Credit Bureau comes into question. Only if the Credit Bureau is not queried and there is no entry about the loan, you can take it unseen. These loans mostly come from Switzerland. To really get a degree here, you have to have a job that is permanent. In addition, the income must be right.
Another way is through a co-applicant. Since you cannot get a loan with Credit Bureau and bankruptcy, you can only look for a borrower who has no negative entries in Credit Bureau and is not in the middle of an insolvency process. The latter could take out the loan and then pass the money on to the needy.
But be careful: the borrower is always liable for the loan. If he does not get the money back from the actual borrower, he has to service the loan from his own pocket. So you should think very carefully about whether you are available as a middleman for such a deal.
Credit and bankruptcy don’t go together
In general, you can only recommend that you should not take out a loan during the bankruptcy process. It is not without reason that you have run into financial difficulties and are in the middle of a bankruptcy. If you now incur new debts, you cannot break out of this cycle and the next debt trap threatens. It is better to wait for bankruptcy and then try to build a new – debt-free – life.