Is it worth trying to apply for a personal loan?

[gthang12]

What is the name of your state? Illinois

If someone's chapter 7 bankruptcy has been discharged and closed for the the last two years (two years last week) Would it be worth trying to apply for a personal loan? My friend has medical bills (obviously not by choice) which the bills themselves are not relatively high. In his case it would be much easier to pay them off all together at one time (dont we all?) versus seperately paying them off cause there are too many little ones and a few larger ones (most in collections). He has nothing else but the medical bills but he was thinking the personal loan might be a good opportunity to TRY to re-establish his credit since he hasnt tried anything to re-establish it since his bankrutpcy case was discharged and closed....

(If i had to guess, his interest rate would be high if he even got the loan)

Thanks for your feedback....What is the name of your state?What is the name of your state?

 

[SHORTY LONG]

What is the name of your state? Illinois

If someone's chapter 7 bankruptcy has been discharged and closed for the the last two years (two years last week) Would it be worth trying to apply for a personal loan? My friend has medical bills (obviously not by choice) which the bills themselves are not relatively high. In his case it would be much easier to pay them off all together at one time (dont we all?) versus seperately paying them off cause there are too many little ones and a few larger ones (most in collections). He has nothing else but the medical bills but he was thinking the personal loan might be a good opportunity to TRY to re-establish his credit since he hasnt tried anything to re-establish it since his bankrutpcy case was discharged and closed....

(If i had to guess, his interest rate would be high if he even got the loan)

Thanks for your feedback....What is the name of your state?What is the name of your state?

Take a look see at the following sites:

http://www.legalhelpers.com/after-bankruptcy/brc-rebuild-credit.html
http://www.doney.net/faq_credit.htm
http://www.christianet.com/bankruptcy/rebuildingcreditafterbankruptcy.htm
http://www.dummies.com/WileyCDA/DummiesArticle/Obtaining-New-Credit-after-a-Bankruptcy.id-1781.html

Your friend needs to do some homework before jumping into a frying pan, that is, by getting credit with [out] outrageous
interest rates. Of course, given that he is starting over again, he will be in a higher risk, thus, higher interest rate,
but, be very aware of just how high!