How to Obtain Credit While Bankruptcy Is Active

1). Fill out loan applications with different lenders. There are lending institutions that cater specifically to people who are currently in bankruptcy. Let the lenders know about your current financial circumstances and the status of your bankruptcy case. Thoroughly review the proposed loan terms.
2). Request a copy of the loan agreement from the lender. The proposed loan agreement should state the loan amount, monthly payment, interest rate, and repayment period. If the loan is being used to purchase real or personal property such as a home or car, a description of the property should be listed as well. Forward a copy of the loan agreement to your attorney.
3). Review Schedule I and Schedule J of the bankruptcy petition to make sure the information listed is accurate. The bankruptcy petition lists all your income and debt information. Schedule I and Schedule J specifically state your monthly income and monthly living expenses. Ask the attorney for a copy of the bankruptcy petition if you didn't retain a copy of it when the case was filed. Inform the attorney of any changes in your income and expenses since the case started.
4). File the updated schedules with the bankruptcy court if any changes were made. The bankruptcy judge and trustee overseeing the case will review the updated schedules to decide whether the new loan is affordable based on your current budget. The trustee will object to acquiring more debt if it jeopardizes your ability to successfully continue making payments to creditors in the bankruptcy.
5). File a motion requesting permission to incur new debt. If a bankruptcy attorney is handling the case, he will submit the motion on your behalf. Approval from the bankruptcy judge is needed before any new debt can be acquired during an active bankruptcy case. The motion needs to state why you want to obtain credit. List the loan terms and the name of the lending institution. Give a description of the property if the loan is being used to purchase property.
6). Inform the lender of the bankruptcy judge's ruling. Give the lender a copy of the judge's signed order granting permission to obtain the loan. Sign the necessary paperwork to complete the loan transaction.