After filing for bankruptcy, your debt-to-income ratio improves. This will help your credit score in the long run. Additionally, you cannot file again for 8 years (in case of filing Chapter 7 followed by another Chapter 7) so you’re actually a “safe bet” for the creditors. Most of our clients report being able to get either a secured or unsecured credit card soon after bankruptcy, albeit with a modest credit limit. This fluctuates with how banks extend credit. How long you have to wait to get a credit card will depend on your individual circumstances such as your income, work history and the banks’ lending practices at the time you apply.

The law says your bankruptcy can be reported on your credit report for up to ten years from the date you filed. For whatever reason, it sometimes only reported for seven years, but clients manage to get credit cards, car loan and home loans even with a bankruptcy on their record.

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