Vivian Law Firm PLC
496 W. Ann Arbor Trail, Suite 102
Plymouth, MI 48170

Call: 734-446-0340

How Long Does It Take to Recover From Bankruptcy?

For most people, the thought of filing for bankruptcy is terrifying because they believe the old myth that it takes 7 years or longer to recover from the damage it does to their credit history. Although it certainly is true that it could take seven years or longer to recover, this does not necessarily have to be the case. If you take the right steps, your credit could sufficiently recover in as little as a year. 

First and foremost, if you believe your only option is to file for bankruptcy, there are several preliminary actions you can take to minimize its impact. For example, if you have multiple credit card accounts open, experts recommend that you focus on paying off one or two and leave all of them out of your bankruptcy filings. Additionally, if you currently have a car this is financed, it would be ideal to leave it out of your bankruptcy as well. Doing so ensures that you will be able to emerge from you bankruptcy with a few positive trade lines. 

After you have been given your discharge papers, there are several more steps you should follow. The first step is to obtain a secure credit card from a national bank. Although these cards have high upfront fees, they offer the quickest method of rebuilding your credit. Your next step should be to enroll in an accredited credit repair program. These professionals will be able to assist you in achieving high credit scores, in addition to teaching you responsible practices so you do not find yourself in the same position again. 

If you do plan on filing for bankruptcy, you should not proceed without first consulting a bankruptcy attorney like the experienced professionals at Vivian Law Firm, PLC. With nearly 20 years of experience in our field, we can assist our clients in filing for Chapter 7, Chapter 11, and Chapter 13 bankruptcies. Contact us today for a free initial consultation. 

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