Bankruptcy remains on your credit report for up to 10 years. During this time, it can severely impact your credit score and make it difficult to obtain new credit. However, as the bankruptcy ages, its impact on your score lessens. Individuals who have filed for bankruptcy can work to rebuild their credit during this time.

While bankruptcy offers a fresh start by discharging many forms of debt, it’s considered a last resort because of the long-term damage it causes to your credit profile. It's important to explore all other options, such as debt consolidation or negotiation, before deciding to file for bankruptcy.