HOW WILL BANKRUPTCY AFFECT MY CREDIT RATING AND ABILITY TO GET NEW CAR OR HOME LOANS?

You may find it difficult to qualify for credit cards again, but that is not a bad thing. :) However, you will probably be receiving credit card solicitations in the mail again right after bankruptcy. You should throw such mailings away, and if possible, keep only one active credit card, ever, for the rest of your life, which card you should apply for after your bankruptcy. You should be able to qualify for a "secured" credit card, e.g., through Capital One. You give them money to hold for deposit, and they give you a VISA or Mastercard, regardless of bankruptcy. As far as qualifying for home and car loans, before even checking your credit report, the creditor will first determine if your income is high enough (and debts low enough - they will be zero after bankruptcy) to support the applied-for debt payment. If your income is high enough (and debts low enough), the creditor will next check your credit report, to determine what interest rate you will be charged. Within two years ...  more