Unfortunately, there is no law that determines how long it will take every individual to rebuild their credit. The actual word “bankruptcy” will remain on a person’s credit report for ten years. (That is the same whether you file chapter 7 or chapter 13 bankruptcy.) However, the speed with which you rebuild your credit after filing bankruptcy is completely up to you.
Some individuals rebuild their credit quickly, and for others, it takes a longer period of time to bring their credit score. The time it takes to rebuild a person’s credit is up to each individual’s spending and repayment habits. The good news is, if you are concerned about rebuilding your credit before filing for bankruptcy, you will most likely be amongst those individuals who will actually rebuild their credit at a faster pace after bankruptcy. The pace at which you bring your credit score back up is up to you.
In most cases, once a person’s debts are discharged through bankruptcy, they begin receiving a large number of credit card offers. Making payments on debts can help you rebuild your credit. Just be careful not to enter into an agreement that may set you back financially all over again.