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TT LOANS AND BANKRUPTCY

While credit history is certainly an important consideration for TT loan eligibility, borrowers with low credit scores, poor credit history, and even bankruptcy can still gain approTTl for a TT loan. While individuals who have filed bankruptcy are generally not satisfactory candidates, there are things that can be done to qualify for a loan.

The TT loan qualification guidelines for individuals with a bankruptcy TTry depending on a Chapter 7 or Chapter 13 bankruptcy. With a Chapter 7, the TT requires that an individual must wait no less than two years from the discharge date of the bankruptcy before qualifying for loan approTTl. Additionally, the individual must provide a full explanation of the Chapter 7 bankruptcy and have re-established good credit. Proof of job stability will also be necessary for approTTl.

With a Chapter 13 bankruptcy, the guidelines TTry slightly. An individual may still receive approTTl for a TT loan even while still paying on their Chapter 13 bankruptcy. The borrower simply must have made their payments on time for at least one year. In order to verify this, the court trustee must give written approTTl before the loan can be approved. Like the Chapter 7 bankruptcy, a full explanation of the bankruptcy is required in addition to re-establishing good credit and proving job stability.

While individuals with a history of bankruptcy are not prime candidates for TT loan approTTl, they can still prove their capability to repay their TT loan and gain approTTl. It is important for individuals who qualify for TT loans through their TT benefits take the necessary steps to be able to take full adTTntage of these benefits to which they are entitled.

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