This coming spring I'd like to do a home improvement for about 5 or 6 thousand dollars (fencing and landscaping). I could put it on a credit card but would rather not. The more I read about credit cards the more leary I become...particularly "universal default".

I would rather get a loan from a bank for the improvement so I know exactly where I stand. The problem is; I filed bankruptcy in 2001. The reason I filed BK simply was not a good one, too much credit card debt along with some minor extenuating circumstances, in hindsight I wish I had tried to find some other way of dealing with the debt.

I currently have a 1 year old car loan with a local reputable bank that the car dealer arranged for me. From a bankers point of view would you consider making a personal loan?

I'll have btween 1500 and 2000 of my own money for this project so I'd be asking for 3-4 thousand.

Any advice?

"in hindsight I wish I had tried to find some other way of dealing with the debt."

First, the only way to deal with debt is to not have any. While this might not be totally practical, never incur debt for non-essentials. Buying a car or a house is one thing - borrowing money for shrubs IMHO is never a good idea.

Second, you are most likely going to have trouble finding a bank to lend you the money unsecured due to the BK.

rl thanks for the reply. The money would be for fencing and grading, "landscaping" was probably not the right word to use.
"shrubs" are something I buy cash, you're right not something to finance.

I've decided if I can't get reasonable terms from a reputable source I'll just wait til I can pay for it cash. Just like you stated the best way to deal with debt is don't have any. I'll never let myself get into the same situation again.

You've made the right call. Start saving your money until you have enough to pay for the whole project in cash.

I still consider fencing and grading a non-essential (unless the grading is causing foundational problems to the house). They can wait until you have the money to do them.

The fencing is a security and sound issue. When I bought the home about 1.5 years ago the fence was up and in place, since then several extremely high wind situations have blown down about 30% of the fence ( I have since been told the main problem with the fence was it was not constructed properly, note: home inspector made no comment on this) so now it has become a security problem plus it does not look good; I'm sure my neighbors don't like it!

In addition since I have moved in, the road 1/2 block over has increased it's traffic by about 500% due to new commercial buildings, so it is alot noisier since when I moved in.

I simply want to keep my property at the same "quality" as when I purchased it. The only real improvement is that I would be purchasing vinyl fencing vs. wood.

But, even with this all said; If I can't get it at an affordable price, I CAN'T AFFORD IT.

A few points...

1. It makes sense to borrow $4000 if your property will appreciate more than the cost of the improvements and interest.....as long as you can now afford the loan.

2. With a BK most banks won't touch you for a rate less than 10%.....maybe slightly less on a HELOC depending on your equity and credit performance over the last few years.

3. I'm not sure you'll have a choice of where you get the credit....especially since you only have about 2 1/2 years until you can file again. You may have to take a credit card or not do the improvements.

Sorry, the above post is mine. I forgot to sign in.

Okay, does this mean if you ever file BK7 no bank will ever consider you for a loan again?