It does affect your credit to some degree.† However, there is no clear answer to exactly what degree. Unfortunately, if you are behind on your bills, your credit may already be bad. Bankruptcy will probably not make things any worse.† You should discuss this issues with your attorney as you are making up your mind whether to file bankruptcy.
The fact that youíve filed a bankruptcy can appear on your credit report for ten years from the date your case was filed. But because bankruptcy wipes out your old debts, you are likely to be in a better position to pay your current bills, and you may be able to get new credit.
If you decide to file bankruptcy, remember that debts discharged in your bankruptcy should be listed on your credit report as having a zero balance, meaning you do not owe anything on the debt. Debts incorrectly reported as having a balance owed will negatively affect your credit score and make it more difficult or costly to get credit. You should check your credit report after your bankruptcy discharge and file a dispute with credit reporting agencies if this information is not correct.