There is a common belief that after bankruptcy one’s credit is ruined and one will never receive lending again. This is simply not the case.
First, a bankruptcy will naturally fall off of a credit report for 7 – 10 years. Although there are ways that it may be removed faster. Also, people are able to gain credit relatively quickly after the discharge of the case. This is because creditors can charge higher interest rates and know that, in the case of a chapter 7 filing, one cannot file again for 8 years. It is not uncommon for people to get their credit scores into the 700 and 800s within a year or two of filing.
The following article gives more in-depth information on recovery after bankruptcy: