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Will I be able to get new credit after filing for bankruptcy?

A Chapter 7 bankruptcy will stay on your credit report for 10 years. However, it should be possible to qualify for a secured credit card if you deposit money in a bank account to guarantee the card. In addition, you may be able to qualify for a mortgage or car loan at a higher-than-average interest rate. When shopping for new credit following bankruptcy, scrutinize new offers carefully, because you could be tricked into signing for outrageously high-interest loans with unfair fees and terms such as balloon payments. Accepting the wrong loan or credit offer could cause you to fall into serious debt again.

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