After bankruptcy, your financial situation will certainly not be the same. Yes, a record of bankruptcy will stay on your credit report for seven to ten years. However, this doesn’t mean you can’t do anything about it. In fact, a speedy recovery from bankruptcy is very possible as long as you do the correct steps.
In 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act was passed and announced to the public. This act requires consumers first take credit counseling before filing for bankruptcy.