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People considering bankruptcy have many questions regarding
how future credit will be affected. Some think that it will
be 10 years before they can get credit again, or that they
will never get a credit card after their bankruptcy.

Common questions debtors have are usually about keeping
current credit cards, establishing new credit and buying a
home.

If money is owed on a current credit card, then it must be
listed in your bankruptcy forms as a debt. These forms are
filed under penalty of perjury and if fraud is detected,
your bankruptcy case can be discharged.

Also perjury is a federal crime punishable by a fine and
time in prison. Neither circumstance is ideal for someone
trying to repair his or her credit. But if nothing is owed
on the card, then it does not have to be listed.

But this doesn?t necessarily mean you will get to keep your
card. Your company may cancel your account as a
precautionary measure.

Credit is now available to the recently bankrupt. Though
most will find high restrictions such as lower limits and
higher interest rates.

But it is not necessarily a good idea to start up right
away with those credit cards. Usually it is what gets
people into trouble in the first place. It is also
important to avoid credit repair scams.

After filing for bankruptcy, many people are afraid they
wont be able to buy a home for 10 years while they have a
history of bankruptcy on their credit report.

Usually 18-24 months within a bankruptcy discharge, debtors
can qualify for a loan on the same terms as if they had not
filed for bankruptcy.