Bankruptcy offers consumers a fresh financial start, but many people hold off on filing bankruptcy for fear of the negative effect it will have on their credit. This is one of the most common bankruptcy myths, and can keep individuals who are drowning financially from filing for bankruptcy. Bouncing back after bankruptcy is possible, and with proper discipline, it can be done relatively quickly.
According to a recent study by LendingTree, 65 percent of people who filed for bankruptcy in 2017, had a credit score of 640 or higher in two years. The following tips can help you bounce back quickly after bankruptcy.