Recover from Bankruptcy with a Credit Card! If you need to establish good credit especially after bankruptcy, applying for a credit card can help you. Many credit card companies offer people who have bad credit a way to start a new life. Even with a lower credit limit and higher interest rate, these people could start recovering from their current financial situation and learn to be responsible with their money. Bankruptcy should not be considered an end to everything good. With your new credit card, you can begin correcting all the finance-related mistakes you have made in the past.