Is it much harder to obtain a mortgage ofr a home or a car loan after Bankruptcy?

is it a good idea to declair bankruptcy for about $24,000, and will it be any harder to get a loan or a mortgage after?

Is it much harder to obtain a mortgage ofr a home or a car loan after Bankruptcy?

It is considerably harder to get a loan after a bankruptcy. The economic system we participate in follows this rule: Your credit says who you are. According to financial institutions, it tells them how responsible and trustworthy you are. I'm sure you could still get a loan but they will require a much higher interest rate. It will take a least 2yrs for you to get a reasonable offer after bankruptcy.

Personally, $24,000 is not enough to take that step. With a little bit of financial discipline you can be debt-free in the next 2-3yrs.

The only exception would be if you have plenty of cash. Your credit doesn't matter much if you have the cash flow banks want. (Donald Trump has declared bankruptcy many times, but he has enough cash to attract lendors)

Is it much harder to obtain a mortgage ofr a home or a car loan after Bankruptcy?

It will be much harder and when you are approved it will be with large down payments and very high interest rates.