Life After Bankruptcy - Without paying high intrest

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Q. Two years ago I went bankrupt due to a divorce. I live in the detroit, michigan metro area. I've seen in papers around my town advertizing loans for bankruptcy and re-gaining your credit status back. Now, what should I look out for and are there any hidden clauses behind these organizations? Are there banks, credit unions out there that will supply loans without paying high interest rates. Any information or leads will be appreciated. My objective is to eventually sell my current vehical and purchase a new car.

A. The best way to get a decent or semi-decent interest rate is to re-establish your credit by obtaining a credit card (which you charge the necessities -food, gas, etc.., then pay off each month), and establish both a savings and checking account. After a couple of years of disciplined credit use, you should then see affordable interest rates. My BK attorney recommends getting a secured card, where you will pay less in fees, and by doing so, you will also establish a savings account in th process. You do not have to do any of that stuff, just call some of the smaller banks and see if they offer collateralized credit cards. Anyone can get them. You put say $1000 into an account and they give you a credit line of say $700

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