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Will I be able to borrow money after I file bankruptcy?

Yes. You can borrow as much money as you can find creditors who will lend it to you. The only prohibition on borrowing is that you cannot borrow money while you are in an open Chapter 13 bankruptcy without first obtaining the bankruptcy court’s permission, which is usually granted for things you really need like cars or home refinances which lower your rate or payment.

See the section on Life After Bankruptcy for greater detail on this subject. My experience is that it does not appear too difficult to recover as long as your income shows that you can afford to repay the loan which you are trying to get and have been able to keep good credit after the bankruptcy.

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  • Can I go to Jail for not Paying my Bills?

    No, not unless you committed a crime in the creation of the debt (for example, fraud). Simply borrowing money and not being able to pay it back is not a crime. Many creditors representatives will tell you lies on the telephone and say that they will have you put in jail. Perhaps they are too ignorant to know they are wrong or that it is illegal for them even to say that. See More Bankruptcy Q&A