Will Bankruptcy Destroy My Credit Rating For Good?
No. Bankruptcy will only be shown on your credit report for the period of your bankruptcy plus two years.
Once you become bankrupt you can immediately start improving your credit report by making sure you pay your bills on time. To help you do this, we note that during bankruptcy, you can save from your wages provided your savings remain in your ordinary bank account. Having a savings buffer will help you to make sure you have monies set aside for payment of your bills. Also, a good savings history will improve your chances of obtaining a personal loan at a good interest rate once your credit rating has been restored.