How long will it take to re-establish credit after bankruptcy?

The ability to reestablish credit will depend on a number of factors. Many of which have nothing to do with having filed for bankruptcy. Some of the items considered with applying for credit are:

  • Do you have a full time job?
  • How much do you make?
  • What is your debt equity ratio?
  • What have you done since filing for bankruptcy?
  • Are your utilities up to date or are they in arrears?
  • What is the loan for? (It is often easier to borrow for the purchase of a car, as opposed to an unsecured loan to take a vacation.)
  • Often the best way to look at applying for credit after bankruptcy is to approach it as if you were 18 starting to establish credit for the first time.
  • Although starting over can take some time and effort to get reestablished it is still better than struggling with debts you will never be able to pay off on your own.