When you declare bankruptcy, your credit score takes a hit. Although that may feel demoralizing, it is only a temporary situation. And after you declare, you can immediately start work rebuilding your credit.
Obtain one or two credit cards. Do not overextend yourself, and pay off the balances every month. When you show that you can manage your credit cards well, you can restore your credit rating faster than you would by making payments on a personal loan or car.
Make sure that the card you choose does not have an exorbitant interest rate, or, if it does, make sure that you can pay the balance you owe each month. Look for the best deals available to you, and don’t engage in the same type of spending that got you into trouble in the first place, if it were your spending habits that landed you in bankruptcy; it is important to remember that people declare bankruptcy for all sorts of reasons, only some of which have to do with poor spending habits.
If you do not qualify for a traditional credit card, look for a secured card offered through your bank. With a secured card, you put down a certain amount of money, and that amount is the extent to which you are able to spend on that card. Over time, the amount you can put down and subsequently spend on the card increases.
Lastly, order an updated credit report to ensure that your creditors have the most up-to-date information.