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Credit After BankruptcyCreditors Want To Lend To Post-Bankruptcy Customers: 5 Reasons

by John G. Merna

Credit After Bankruptcy: Reason Number One
Creditors make a lot of money lending especially when they can charge higher interest rates. Think about it. You paid minimum payments for years before your bankruptcy and probably didn’t see your balances go down. That was all profit in their pocket in the form of interest, many thousands of dollars a year, and you still owed them a lot of money. They want you in that trap again.

Credit After Bankruptcy: Reason Number Two
Creditors can charge you higher interest after your bankruptcy because you have less access to reasonable interest rates until you do some credit recovery. This means more profit from post-bankruptcy clients then clients with good credit. FYI, the attorneys at Merna Law developed and designed their own proprietary Credit Recovery Course, which is free to all our clients.  Check it out at this link.

Credit After Bankruptcy: Reason Number Three
Creditors have lower risk of you filing another bankruptcy because you are only eligible to file a Chapter 7 bankruptcy every 8 years.  Interest rates are suppose to reflect risk.  However, post-bankruptcy clients have a lower risk than people in debt prior to bankruptcy.  This is an advantage to lenders.

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Credit After Bankruptcy: Reason Number Four
Creditors know you are all “cash-flow”.  Think about it. You have gotten rid of all the debt that has been sucking your disposable income each month.  They want some, if not all, of that “freed-up” cash-flow.  But you are going to be smarter than that.  As our credit recovery course points out.  Credit is a tool, not a lifestyle statement.  Used wisely, it can help you grow rich.  Used thoughtlessly, it just makes you poorer.

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Credit After Bankruptcy: Reason Number Five
Creditors know you have been a credit “sucker” in the past.  Quick to get it. Quick to use it. And slow to pay it off.  Believe me, they are betting on you getting into that “credit trap” once again so they can make a lot of money off you. Don’t!


On a personal note, I appreciate all the thanks from our blog readers and clients about the various topics I write about. Stay tuned. Stay healthy and God bless.



 The Merna Law Group, Attorneys At Law, P.C. …overall experience was outstanding!5 Stars! “My husband and I were very happy with The Merna Law Firm. They are well organized, time manageable, and friendly. I was even able to bring my children with me if I needed to. In court, they stayed right there beside us and answered all questions we had. Our overall experience was outstanding and I am glad we were represented by the Merna Law Group.” Reviewed by A.M. of Suffolk on Mar 5 . 
 The Merna Law Group, Attorneys At Law, P.C. Didn’t have to worry about anything!5 Stars! “Just keep providing the type of service you do. You business values are based off reliability and service. Today’s Law Offices just don’t offer that kind of experience. Didn’t have to worry about anything!!! Just being able to go on with my normal life and know that all my issues are well taken care of is a relief in itself.” Reviewed by A.P. of Virginia Beach on Mar 4 . 
 The Merna Law Group, Attorneys At Law, P.C. …kind and friendly from the start!5 Stars! “Everyone there was kind and friendly from the start and helped us with everything in a timely manner. They were never rude no matter how much we called or asked questions.” Reviewed by B.P. of Virginia Beach on Feb 20 . 
 The Merna Law Group, Attorneys At Law, P.C. …very helpful and friendly!5 Stars! “Everyone at the office was very helpful and friendly. The attorney answered all of our questions and helped us through the entire process. He was also very helpful answering concerns that we had after the process was completed/over. Highly recommended!” Reviewed by M.E. of Virginia Beach on Mar 11 . 
 The Merna Law Group, Attorneys At Law, P.C. …debt free!5 Stars! “A friendly staff and outstanding attorney who helped me through a difficult time in my life. Thanks to everyone at the Merna Law Group who helped me move on to and new chapter in my life debt free!” Reviewed by M.F. of Norfolk on Mar 8 .