{"id":2088,"date":"2011-08-10T08:30:29","date_gmt":"2011-08-10T13:30:29","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=2088"},"modified":"2018-11-28T08:39:17","modified_gmt":"2018-11-28T08:39:17","slug":"why-do-banks-in-new-york-offer-people-credit-cards-after-bankruptcy","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/why-do-banks-in-new-york-offer-people-credit-cards-after-bankruptcy\/","title":{"rendered":"Why Do Banks in New York Offer People Credit Cards after Bankruptcy?"},"content":{"rendered":"<p>The story is not as uncommon in New York as you might think. A New York debtor files a Chapter 7 bankruptcy. Then, mere months after obtaining a discharge, the banks start aggressively sending out letters offering new credit cards with low rates and high credit limits. This doesn\u2019t make any sense at all. Why would banks be excited to extend credit to people who file bankruptcy? Aren\u2019t people who file bankruptcy credit risks?<\/p>\n<p>The latter, of course, is not true. People who have filed bankruptcy are rarely credit risks in the long run. Quite the contrary, in many cases people\u2019s credit ratings improve after they file bankruptcy, which may be why they\u2019re offering credit cards. Of course, your bank won\u2019t tell you that before you file, hoping you believe bankruptcy is an act of financial irresponsibility rather than the opposite. Remember, people who file bankruptcy are not passively sitting and watching unpayable bills pile up. They\u2019re taking the initiative to fix their problems, and getting their finances in order signals to creditors that they are responsible. The improvement in post-bankruptcy credit ratings demonstrates that.<\/p>\n<p>Another reason banks start selling people credit cards after they\u2019ve filed a Chapter 7 bankruptcy is that after a discharge, they\u2019re barred from filing again for seven years. If you can\u2019t file bankruptcy again for seven years, that\u2019s seven years of debt that you can\u2019t escape. Banks may believe that you have poor spending habits, and that you\u2019ll take on more than you can afford. Your discharge gives them a golden opportunity to try again. The fresh start bankruptcy gives you gives creditors a fresh start too.<\/p>\n<p>More likely than not, it\u2019s the seven years of bankruptcy-proof debt rather than your improved credit rating that causes banks to offer credit cards after bankruptcy. That\u2019s not to say that people should not discount the benefit of better credit bankruptcy gives them, but banks only care about their own bottom line, so watch out for yours.<\/p>\n<p>For more questions about credit cards, credit history and effective strategies for dealing with debt, please feel free to <a href=\"\/contact\">contact<\/a> experienced <a href=\"https:\/\/nybankruptcy.net\/main\/brooklyn-bankruptcy-law-firm\/\" target=\"_blank\" rel=\"noopener\">Brooklyn Bankruptcy Law Firm<\/a> Bruce Weiner for a free initial consultation.<\/p>\n<p>&nbsp;<\/p>\n<p><center><\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The story is not as uncommon in New York as you might think. A New York debtor files a Chapter 7 bankruptcy. Then, mere months after obtaining a discharge, the banks start aggressively sending out letters offering new credit cards with low rates and high credit limits. This doesn\u2019t make any sense at all. Why &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/nybankruptcy.net\/main\/why-do-banks-in-new-york-offer-people-credit-cards-after-bankruptcy\/\"> <span class=\"screen-reader-text\">Why Do Banks in New York Offer People Credit Cards after Bankruptcy?<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,5,7],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Do Banks in New York Offer People Credit Cards after Bankruptcy?<\/title>\n<meta name=\"description\" content=\"The story is not as uncommon in New York as you might think. A New York debtor files a Chapter 7 bankruptcy. Then, mere months after obtaining a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nybankruptcy.net\/main\/why-do-banks-in-new-york-offer-people-credit-cards-after-bankruptcy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Do Banks in New York Offer People Credit Cards after Bankruptcy?\" \/>\n<meta property=\"og:description\" content=\"The story is not as uncommon in New York as you might think. A New York debtor files a Chapter 7 bankruptcy. 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