Anyone who is completely over-indebted has the opportunity to go into private bankruptcy at some point. After a few years the residual debt relief follows. This means that the last debts are simply canceled and the former debtor gets the chance to make an economic restart. But of course the financial reserves are often exhausted in such a situation. In order to really start again, you need a loan despite the debt relief.
A loan despite debt relief: a question of trust
In theory, a loan should not be a problem if the creditworthiness is correct despite the fact that the debt is released. In such a case, the entry in the protection association for general credit protection (Credit bureau) is also okay, since the waiting time until the exemption was sufficient to allow the weak entries to expire. But it is not quite that simple, because of course the residual debt relief appears. This means that you are a possible borrower for the bank, which the bank knows that in the past it had to be considered a default. For this reason, the money house often finds it difficult to gain new confidence and to grant a loan despite debt relief, because it is afraid that this story may repeat itself.
So you can get a loan despite debt relief
However, it is not impossible to obtain a loan despite the debt relief. The longer the debt relief, the better. If this has taken place years in the past, and you now have a large income and a secure credit rating, then you have the best chance of a corresponding loan. If this is not the case, a guarantor or a second applicant must be used to create the necessary trust in the bank.
These should have an impeccable credit rating and have never attracted negative attention in the past. This is the only way for the financial institution to be sure that it will definitely get its money back and that history will not be repeated in this case.