If I File For Bankruptcy, Will I Ever Be Able To Get Credit Again?

A. Actually, you are more likely to get credit after you file, than if you don’t file.  Filing bankruptcy gets rid of debt.  Getting rid of debt puts you in a position to handle more credit.  This makes you look more attractive to banks, credit card companies and other lenders. At first, the banks, credit card companies and other lenders will want more money down and will want to charge you higher interest rates.  However, if you are careful, keep your job, start saving money, pay your bills, and do things that put good marks on your credit report, the quality of your credit will get better and better over time. 

Generally, if a client has not re-established good credit in 2 to 4 years, sufficient to even buy or refinance a house, it's not because they filed bankruptcy.  It generally means that something else has happened after the bankruptcy to hurt their credit.

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