Anyone who makes a bankruptcy as an entrepreneur or as a private person does not need to be able to obtain credit from the banks at the same time or can not accept them anymore. In case of insolvency, you are always differentiated by the type of insolvency you are in. It may not be easy for you to get a reputable loan, but it is still possible. Lately, many well-known companies have shown how it works, if the insolvency administrator finds new investors, a company can continue to be creditworthy, as long as the company still exists. In a private bankruptcy there are no specific rules that prevent you from taking out a loan.
Even if the attachable parts are very high, which you have to pay, there may still be a margin available to start over again and take out a loan. There are also banks in Germany that give a bankrupt person a loan, so that he gets back on his feet, or tries to rebuild his company, but they are usually also not serious or demand too high interest rates.
Even if the house bank knows the problem that a company can go into bankruptcy proceedings, because debtors have a poor payment habits, the credit rating plays one of the biggest roles in the lending and that is with an insolvency procedure zero.
What are the options?
For people who are in bankruptcy, there are so-called credit intermediaries who mediate private banks or investors to get a loan. This mediation is quite serious and with a bit of luck you will find a suitable investor who will provide you with the money. Here are the chances on a reputable credit with acceptable interest rates the greatest. The best chances are entrepreneurs who start a new business and start a new business.
These get money back the fastest. Moreover, it is not forbidden to start again in a process and build a new existence. In a private bankruptcy, it is possible again after two to three years to take out a loan, in addition, one has also paid off in this time and everything is regulated by the insolvency administrator.
The advantage of the credit platforms is the possibility to pay off the loan even in small installments, so that one does not get into financial difficulties under a further burden. A bankruptcy procedure is always registered in the private credit, so one can try his luck with a credit intermediary without private credit. Although these loans are slightly smaller in the total amount of the loan, the chances could be higher if the credit rating is not inquired.
Credit possible in insolvency proceedings
It is also possible in the bankruptcy process to get a loan if you meet certain criteria and can repay the installments, without trouble so that you do not come back into a financial predicament. In the case of start-ups or for private individuals, the loan is also possible with ongoing insolvency proceedings.
Every year, thousands of companies as well as private individuals file for bankruptcy, as they can no longer meet their current financial obligations. With the standard bankruptcy procedure and with the consumer insolvency proceedings, the legislator has created a possibility to end the condition of financially unregulated life in a proper way.
During the insolvency period, which currently includes a six-year good conduct phase, the debtor must live at subsistence level. To meet the cost of living only the non-attachable tax deduction is available to him. However, this is often not enough to finance necessary purchases or even to fulfill a long-cherished wish. For this, a loan seems to be the solution despite insolvency proceedings.
Credit despite insolvency
With the bankruptcy, the debtor enters a good behavior phase, which has a duration of 6 years. During this time, he undertakes to accept all reasonable work. In addition, he also undertakes to pay the attachable part of his income earned through the work through the insolvency administrator to the creditors. At the same time, all attachable objects and rights enter the insolvency estate.
Until the attachment exemption limit, the debtor’s funds are thus limited during this time. In addition, of course, no attachable items or rights are available. This seems almost impossible to get a loan.
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But if you are in bankruptcy, you do not have to get credit at the same time, because even if the attachable parts of the bankruptcy are set high, there may still be scope for taking out a loan.
Within the insolvency proceedings, it is not forbidden to start again and build a new existence. But insolvency is not the same as bankruptcy. In corporate insolvencies with a bankruptcy trustee, the company can continue to exist thanks to new investors. If the insolvency administrator finds new investors, the company can be creditworthy again as long as the company still exists.
Many banks decide positively if the presentation of the company convinces and thereby the interest of investors can be awakened. Then a loan can be made on reasonable terms.
In a private bankruptcy, it is possible to take back a loan after only two to three years, because there are no specific rules that prevent this. There are some banks that still lend. However, one should pay attention to whether it is a reputable provider, which does not demand too high interest. Some credit intermediaries have also set themselves the task of mediating private banks or investors.
However, for a loan during the bankruptcy process, you have to meet certain criteria that can ensure that you can repay the installments. When taking out a loan despite the personal bankruptcy, it must be pointed out that you are in this. Anyone who refrains from this hint of good knowledge can be accused of fraud.
Anyone who considers borrowing despite bankruptcy, can quickly get to a loan shark or a dubious bank. As a rule, they do not take the creditworthiness as precisely and offer to borrow money even without private creditauskunft. In addition, these often offer a quick cash payment without the demand for appropriate collateral.
One should, however, be aware that in most cases the disadvantages of lending money through a loan shark are greater than the benefits of paying the money. The disadvantages are the high interest rates, which must be repaid in addition to the repayment. The monthly repayment rates are in most cases so high that they are unbearable for the borrower.
In addition to the loan sharks, however, there are also credit intermediaries who have made the borrowing for people in bankruptcy to the task. The credit brokers hereby mediate private banks or investors for the awarding of the loan. Such mediation is reputable in most cases and with a little luck you will find a suitable investor here. For a credit intermediary, in most cases, the chance of a reputable loan with the usual interest rates is greatest.
When finding an investor for lending, however, entrepreneurs have greater opportunities over private individuals, especially if they want to restart with a good concept and start a new business.
Credit platforms are also available to request a variety of providers for a loan. As a provider, you will also find both private individuals and banks. In the case of a private bankruptcy, one will certainly only find a bank that offers the borrowing without private credit, because the personal bankruptcy is always registered in the private credit.
In most cases, these non-private credit banks offer smaller amounts that could help them through an emergency. In addition, the advantage lies in the fact that the loan can be paid off even in small installments, so that one does not get into financial difficulties because of this further burden.
Impact on bankruptcy
The borrowing in the form of a loan generally does not equal to the failure of the residual debt relief, so that one does not endanger the bankruptcy with the taking of the loan. Note, however, that in the bankruptcy only all the debts and loans are, which were known before the bankruptcy.
For this reason, new debts, such as the taking up of a loan after the opening of insolvency proceedings, are not exempted from residual debt. If the debtor defaults on the new loan, he must be fully responsible for it. A new insolvency procedure is only possible after 10 years after the end of the previous insolvency proceedings.
A personal bankruptcy was applied for due to the insolvency of the debtor. With the introduction of a new loan during the current insolvency, the debtor can again face the same problem as before the bankruptcy. If a new loan has been taken out during the private bankruptcy and if a creditor named in the bankruptcy petition learns of this, he can file an application with the insolvency court for the refusal of the remainder of the debt discharge.
In the worst case, the residual debt can not be released. Thus, the target of insolvency has not been achieved and the bankruptcy is lifted. Thereafter, all creditors named in the bankruptcy petition can remind and pledge again. Only after 10 years a new insolvency procedure is possible. When requesting a loan despite bankruptcy, it is therefore essential to inform yourself about the general conditions to be adhered to in order not to jeopardize the exemption from the remaining debt.