Anyone who has applied for bankruptcy is insolvent. In the past, bills were not paid, so no new payment obligations should be entered into in the near future. It is the same with a loan, because taking out a loan always means that new debts are made.
Insolvency is always noted in the Credit Bureau and is therefore a very negative entry. This step is also noted in the debtor register at the local court, so that everyone can see this entry. Banks also check Credit Bureau and will quickly recognize that the applicant for the loan is not solvent during the bankruptcy. For this reason, the banks rejected an application.
Why it is important not to take out a loan
Anyone who would take out a loan with a bankruptcy would announce that they were solvent. From this point on, he has to settle all old debts without delay. That could exceed the loan amount and the borrower would fall into a debt trap again. Banks protect the applicant if they do not grant a loan during the bankruptcy.
It is much more important to get rid of the old debts before taking out a new loan. Those who have filed for bankruptcy and abide by the rules will be completely debt free in a few years. So he would risk a lot and, in the worst case, keep all debts and would have little opportunity to pay them.
Credit possible without Credit Bureau?
Applicants think that if they apply for a loan during the bankruptcy, it could also be granted without Credit Bureau information. In theory, this step would be possible. However, this can only be carried out when the bankruptcy has expired. In addition, the applicant must have a permanent job and thus prove a regular income.
So whether the applicant can apply for a loan abroad during bankruptcy depends on whether the income is high enough. Here, however, the problem arises that the credit installments are deducted from the account and this can be demonstrated by the account statements. However, since no debts may be incurred during the period of bankruptcy, this route should be excluded.