It is popular belief that once you have filed for bankruptcy, you will be left in the gutter for 7 years before any creditors will consider you again.  Contrary to popular belief, there is credit available for those who recently filed.  Keep in mind the possibility that rates may be a little higher and credit limits a little lower than before, but what comfort in knowing that it
is available and you can start rebuilding your credibility right away?

The one thing that bankruptcy will affect is your ability to buy a home.  But unlike the infamous 7 years wait time, bankruptcy debtors can obtain a home loan after only 2-3 years after discharge, often on the same terms as those who have never filed bankruptcy.  Home loan lenders are typically looking more at your down payment, income stability, and monthly income/expense relationship.  So if you are considering filing for bankruptcy and worry about your future’s credit, rest assured that there is credit available out there.

Just remember, when it comes to rebuilding your credit worthiness, patience is a virtue and persistence is key.