All of the above. Actually, your question does not quite match what happens. When you file for bankruptcy and receive your discharge, the accounts on your credit reports that were discharged get the notation "Discharged in Bankruptcy". However, your credit life starts anew at that point. The fact that you filed for bankruptcy protection and actually got your discharge encourages car lenders and credit card companies, for example, to start lending you money again and the more time passes since your discharge without an adverse account, the higher your credit score rises and when you obtain credit and pay on time and keep more of your line of credit available the faster it rises.
Answered on Sep 13th, 2012 at 12:00 AM