Filing bankruptcy can definitely have a negative impact on your credit. However, most people who are facing bankruptcy as an option already have credit which badly needs repairing. In some cases, a bankruptcy filing can actually boost credit because of the nearly instantaneous elimination of negative reporting and reduction of debt. Your bankruptcy filing can be reported for up to 10 years by the credit bureaus. But your credit may recover much more quickly than that. In fact, it is likely that shortly after your discharge you will start receiving numerous offers from credit card companies anxious to fill the void left from all of your discharged debt. Many debtors find themselves in a position to qualify for the best rates on auto and home loans after just a few years.