 TITLE: Can I File for Bankruptcy With $35k in Credit Card Debt? CONTENT: How Does Bankruptcy Affect Your Credit?\n---------------------------------------\nOne of the primary reasons bankruptcy is typically considered a last resort is because it has significant negative consequences for your credit history.\nFor starters, a Chapter 13 bankruptcy will remain on your credit report for seven years, and a Chapter 7 will stay on there for 10 years. During this time, and especially during the first years, it can be very challenging to get approved for credit.\nOf course, some lenders are willing to work with borrowers who have a bankruptcy on their credit report, but they'll likely charge high interest rates and fees. A bankruptcy will also hurt your credit scores, which can complicate borrowing as well as things like employment and even your insurance premiums.\nThe good news is that it's possible to recover after bankruptcy. As time passes from the date you filed, and you continue to add positive information to your credit reports through responsible credit behaviors, the impact of bankruptcy can soften. Recovery still won't be a quick or easy path, though, so think carefully before you file. END