Texas residents may know that a bankruptcy will stay on their credit report for either seven or 10 years. However, it may be possible for people to start rebuilding their credit right away. The first step is to create a budget that makes paying bills on time a top priority. A timely payment history makes up 35 percent of an individual's FICO credit score.
People often think that their only option to get relief from debt is to file for Chapter 7 bankruptcy and have all or most of the debt discharged. However, before you resolve yourself to this solution, keep in mind that there are other forms of bankruptcy, including Chapter 13.