Plenty of Michigan residents file for bankruptcy every year. There is no shame in it; in fact, it can be a strategic move to get out from under crippling debt. However, what you probably already know is that your credit will take a hit after you file. This does not necessarily mean that you cannot build your credit up afterwards. It will take time, but you will be able to do it. 

According to Bankrate, it is not smart to borrow money too soon. You can open a secured credit card account. A secured credit account allows you to deposit money and then you receive a credit card with a credit line that is half to all of that deposit. You also may receive interest on top of your deposit. While these cards may have a fee, it can help you to build your credit score. 

It may take time for you to be able to receive favorable terms from credit card companies. When it comes to unsecured debt, you may have to wait a few years. However, once you are able to receive credit cards, do not act too hastily. Only use what you can afford so that you can rebuild your credit score and you will not risk the debt you had before. 

While you can technically finance a car after you file for bankruptcy, you should wait until you can finance a car or home without predatory rates. This can be a way for you to increase your credit score, as long as you can make your payments on time. 

This article is for educational purposes only and not to be interpreted as legal advice.