Fact: Filing for bankruptcy is going to destroy your credit score (for the moment). Lenders rely on credit scores to make decisions on whether or not they should loan you money. And bankruptcy raises flags and alerts lenders that this is someone who may not be able to pay this back.
Fact: It is possibly to rebuild your credit score. It’s true. Bankruptcy gives people a chance to start fresh again. It’s a learning experience and you get a chance to learn how to do it from scratch. Here’s 15 Ways to Rebuild Credit After Bankruptcy.