Bankruptcy has its merits, the most notable of which is the fact that it allows you to discharge your debt and start over with a clean slate, so to speak. Unfortunately, once you file for bankruptcy in Virginia, you must then deal with the repercussions to your credit, which you need to be in good standing so you can do things like purchase a home, finance a vehicle or even just rent an apartment. According to Forbes, bankruptcy can stay on your credit for 10 years, but that does not mean you have to wait 10 years for the sting to subside. The publication shares three ways you can recover from bankruptcy in as little as two years.

According to findings published in Forbes, 65% of individuals who filed for bankruptcy were able to obtain a credit score of 640 or higher after just two years. After three years, those who applied for a mortgage received approval and only paid, on average, 19 bps more than those without a bankruptcy on their records. So, what is their secret?

According to Forbes, one of the best ways to recover from bankruptcy is to apply for a secured credit card. If approved, you pay a deposit in exchange for a limited amount of credit. Your line of credit is unlikely to be much more than your deposit, but it is a start. Use your card for small purchases and pay it off right away. By maintaining a low utilization rate and remaining current with your payments, you can prove to the credit bureaus that you are responsible and a good credit risk.

The next thing you should do is sign up for a free credit monitoring program. With these services, you can watch your credit evolve and, as your score improves, receive offers from creditors for better cards.

Finally, Forbes suggests remembering why you filed for bankruptcy in the first place. By understanding where you went wrong, you can devise a plan of action for avoiding further financial complications.

This article is not meant to serve as legal advice. It is for educational purposes only.