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Law Offices of Nicholas Gebelt
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Whittier, CA 90604
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While a Chapter 7 bankruptcy stays on your record for ten years, you are likely to improve your credit score more quickly and efficiently after a bankruptcy than without one.
The 10-year number in this common myth comes from the fact that a bankruptcy will remain on your credit reports for 10 years if you did a Chapter 7 bankruptcy. This much of it is true, but your credit score depends on so much more than that one item; it is mostly based on current and ongoing debt payments.
As we just saw, however, you can start getting new loans almost immediately after your debts are discharged. Yes, your credit score will take a little time to build back up. But this can be accelerated. For example, you could get a couple of credit cards (without stacking!!) and use them sparingly as a way to develop a new credit history. You might also get offers for car loans, though unless you need one right away, you might want to wait.
Try to wait to get a car until at least a year has passed, giving you time to work on those new credit cards and save money each month for an eventual downpayment, either on a car, or condo, or after about four years, on a home loan to you. The key is getting that down payment. The larger the down payment, the more willing the creditor will be to lend you money, because they will know you have skin in the game.
That downpayment will go a long way to reassuring any creditor worried about your bankruptcy, while your regular credit card payments will help bring your score back up.

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