One of the biggest concerns people have when filing for bankruptcy is that it will completely ruin their credit and prevent them from being able to get loans or credit cards for years. There are grains of truth to this sentiment, but it’s mostly been exaggerated to the point where it wrongly dissuades people from filing for bankruptcy.

I’m here to tell you that you shouldn’t be afraid to file on the basis of your ruining your credit score. Here are a few reasons why.

For many, bankruptcy may actually help your credit score

I know many people say bankruptcy will destroy your credit. To a certain extent that’s true. However, when people file for bankruptcy, it is usually a final option, a last resort for those who are drowning in debt and can’t pay. For most people, by the time they even consider bankruptcy, they’ve already been unable to pay all their bills for a while, which itself destroys credit. If you’ve gone months or years without paying, your credit score could be so low that wiping out all the debt and replacing it with a bankruptcy is more beneficial in the long run. When it does affect your credit negatively, it won’t be as big of a hit as you might presume.

Your credit will come back slowly but steadily

Although knowing that a bankruptcy will be on your record for a few years might feel like an albatross around your neck, it doesn’t mean you’re going to be doomed until it finally comes off. A year after bankruptcy is when you may start seeing your credit score get much higher than it was before the bankruptcy. As long as you continue to pay off all your bills each month and buy some things on a reasonable credit limit, your score will rise consistently.

You can start getting loans and credit cards in as little as two or three years

While I don’t recommend you already start thinking about getting a loan in a few years, especially if you’re in the middle of filing for bankruptcy, you can rest assured that some people are able to rebuild their credit quick enough to do so. It takes patience and finding the right financial institutions to take a risk on you.

Remember, the longer you wait to file for bankruptcy, the longer you’ll be under constant stress and the longer it will take before getting your life back on track. Consult with a Phoenix bankruptcy lawyer today to see if bankruptcy is the right option for you.