Getting a personal loan post-BK

[pdxgrrrl]

I received notice this week that my Chapter 7 was discharged. Which is good in some ways, but it also means I have to tackle my massive tax debt. (The taxes weren't dischargeable.) Since I just got the discharge notice, I haven't contacted the state or IRS yet to make payment arrangements (and I'm dreading doing so), and it looks like I'll be paying about $500 per month for the next several years. Ouch.

What I'm hoping to do is get a bank loan to pay off at least some of the taxes and get the taxing jerks off my back. I checked my credit scores and they range from 514-594. Has anyone been able to get a loan with this type of score right after a BK?

Also, if anyone has any tips on dealing with the IRS and state taxing authorities, that'd be great. (I'm in Oregon.)

Thank you!

[Flamingo]

You probably will not be able to get a loan at any time soon and if you possibly do, it will be at an interest rate way above the normal range. The IRS interest percentage would be way lower. Your best bet is to work with the IRS and your state revenue department for you to make affordable payments during whatever payback period they require (i.e., 5 years).

Since you are discharged and all debt gone, you should be able to pay your tax bills off with no problem but then again if you are unemployed and without a job or lost income, bankruptcy doesn't solve the aftermath. Best of luck to you!

[CindyLou]

The IRS will have MUCH lower rates than any private loan you can get. In my experience they are one of the easiest creditors to work with if you are willing to make a payment plan and stick to it. They will even work with you to set up longer terms. Call and speak with someone. If you don't get the answer you want call back and ask someone else.