There is a light at the end of the tunnel, and bankruptcy is no different.
Bankruptcy is a significant decision, with significant consequences. In almost every case there will be a significant drop to your credit score after you file for bankruptcy, and there is no hiding or avoiding that fact. However, the reality is that most debtors who file for bankruptcy already have low credit scores. For most, the damage is already done.
Bankruptcy is a way to take control of your life and stop a downward spiral from growing worse. And with good financial management, your credit score will begin to improve immediately once a bankruptcy discharge is granted. And 12 to 18 months after filing, it is not uncommon that filers have credit scores equal or better than those they had before filing for bankruptcy.
Doing things like taking out secured credit cards and paying off its balance at the end of every month, making sure your payments are made on time, and responsibly managing your credit are all ways to begin improving your credit score immediately upon the close of your bankruptcy case.
And you will be able to receive loans again; the lenders know that you can only file for chapter 7 bankruptcy once every 8 years, too. If for no other reason, there are lenders who will offer you credit solely because they know they can count on being able to pursue you during those 8 years.