Will I ever be able to restore my credit after bankruptcy?  The answer is simply yes.  It may take some time, but here are a few tips to restoring your credit after bankruptcy:

  1. Apply for a secured credit card once the bankruptcy is discharged. You can do this with your bank by putting $500 in a savings account.  They will give you a card with an equal line of credit.  Use the card monthly for gas and pay it in full on a monthly basis.  After a year, they will typically release the security and up the credit line.
  2. Apply for a department store credit card. Applying for a store card where you will make minimal purchases is another way to enhance your credit post-bankruptcy.
  3. Keep secured assets through the bankruptcy. One way to help restore credit is by keeping secured assets and making timely monthly payments.  A car lease or mortgage on a home are good examples of this.

Most people are able to restore their credit within 3-4 years of a bankruptcy filing.  Remember to check your credit report on an annual basis to ensure that all information is accurate. Bankruptcy is a legal process which will ensure that you can move on afterward.