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Can you get a loan if you file bankruptcy?

And even if your credit recovers, lenders may be able to see the bankruptcy on your credit reports for up to 10 years, depending on the type of bankruptcy you filed. If you do get approved for a personal loan after filing for bankruptcy, you may face less-than-favorable loan terms and pay relatively high interest rates, too.

Does bankruptcy affect my personal loan eligibility?

The bankruptcy option you chose has a different impact on your personal loan eligibility. Chapter 7 bankruptcy: Also known as a liquidation bankruptcy, Chapter 7 requires you to sell some of your assets to repay eligible debt. This type of bankruptcy can stay on your credit report for up to 10 years.

Can I get a loan after Chapter 7 bankruptcy?

However, it’s easier for you to apply for loans after Chapter 7 bankruptcy because it takes less time to discharge your debt. On average, Chapter 7 bankruptcy takes about four to six months to complete. In contrast, it can take up to five years to discharge debt under Chapter 13 bankruptcy.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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