There are a lot of misconceptions and inaccurate information about Chapter 7 bankruptcy debt elimination and Chapter 13 bankruptcy reorganization. A lot of people think that by filing Chapter 13 or Chapter 7 that they will never be able to buy a house. This simply is not accurate.
A lot of people believe that they will not be able to buy a car. This is not accurate either. After filing bankruptcy, many finance companies now see you as a better credit risk than when you had so much debt.
Many people also believe that they will not be able to get a credit card. However, this is not necessarily true either. There are many Banks and Savings & Loans that allow you to have a credit card account secured by a savings account as collateral. Such an account is called a secured Visa or MasterCard, and is a great place to start reestablishing your credit.
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