Illinois residents who are pursuing bankruptcy proceedings may feel uncertain about their financial futures. In some cases, misconceptions abound -- for example, the idea that you cannot use a credit card until three months have passed after your bankruptcy. In fact, those who have filed for Chapter 7 bankruptcy are free to use a credit card the day that they file. Although that is legally the case, however, it may be difficult to find an appropriate credit card for your needs after spending so long struggling with debt.
Experts say that a bankruptcy notation will be visible on your credit report for a full decade. This is likely to have a negative impact on your credit score for at least two years after the filing. Bankruptcy filers are categorized as risky customers, so the accounts will be rather undesirable; be prepared for high interest rates, lower credit limits and ongoing fees.