To start with, its important to know where your credit is at this time. If you have been late in paying of obligations for the past 6 months, filing bankruptcy will no longer negatively impact your credit score since your credit is already ruined. In fact, filing bankruptcy may begin the process of restoring your credit than simply ignoring your obligations.

Once bankruptcy is filed, whether chapter 13 or chapter 7, the bankruptcy filing will be reflected on your credit report for the 10 years. However, this will also begin the process of reestablishing your credit score, as new creditors who would review your credit report would be more inclined to provide credit since:

• 1) You are no longer responsible for debts that were prior to your bankruptcy petition and have been discharged in bankruptcy.
• 2) And you can not file Ch7 bankruptcy again for another 8 years. So they are in a sense protected from subsequent chapter 7 filings for the next 8 years.

Therefore if you have income, the creditor will be more inclined to provide credit to you. It is important to understand that in the begining, you will not be getting the best interest rates nor the highest credit limits. However soon (within 2-3 years) you would have reestablish your credit.