A common misconception about bankruptcy is that you’ll have a hard time getting credit after you file.
For many reasons, this is false!

Oftentimes, bankruptcy can improve your credit score. Here's how!

Don’t worry- after filing for bankruptcy, your credit will most often improve because your debts will have been eliminated. That will improve your credit-to-debt ratio.

Many creditors are eager to extend you credit after bankruptcy. Since your debt-to-credit ratio will have been reduced, and since you cannot file a Chapter 7 bankruptcy for another 8 years, you’ll be seen as less of a risk. Though you might have to accept less than premium terms, such as higher interest rates or a secured credit card, these lines of credit aren’t forever. They’re to help you rebuild your credit score.

It's 100% false that bankruptcy will ruin your credit forever.

As long as you use your new lines of credit responsibly (making payments in full and on time each month, keeping your credit utilization rate at the recommended 30% or less) you’ll quickly improve your credit score and be well on your way to financial freedom!