A: After filing bankruptcy it will be difficult to reestablish your credit. Bankruptcy will stay on your credit report for up to ten years. But there is a way to get back into the credit mainstream.

First, make sure that the situation that caused you to file bankruptcy has been resolved.

Second, in order to be approved for new credit you have to find creditors that are willing to extend you credit even though you have filed bankruptcy.

And finally, once you secure new credit you have to pay your bills on time.

With the number of consumers filing bankruptcies at an all-time high many lenders have developed products to fill the need for those individuals looking to secure credit after bankruptcy. The best solution has been the secured credit card.

Here's how it works. You deposit a certain amount of money with a financial institution and they give you a credit card with a line of credit based on the deposit amount. The account will be reported to the credit bureau as a regular credit card. Using this type of account will allow you to build a positive credit history that will let creditors know that you are ready for a second chance.