Hello and thank you for allowing me the opportunity to assist you.
After you file for bankruptcy, you will have a difficult time finding a lender who is willing to give you any sort of credit, whether it’s for a house, credit card, car loan, etc. If you do qualify, your interest rate will be much higher than a person with a decent credit score will qualify to receive.
In addition, you may have a hard time finding an apartment since landlords may be reluctant to lease property to somebody who they perceive may not pay his bills, and who may one day file bankruptcy again to eliminate an unpaid rent debt as well. Furthermore, employers may be reluctant to hire you if they believe that the bankruptcy implies a certain lack of responsibility.
But, as time goes on the bankruptcy will become less and less important. Eventually, when it’s no longer listed on your credit report, it won’t be a factor at all. There are exceptions, however: For example, some lenders or employers may expressly ask you whether you have ever filed for bankruptcy. They won’t care that you were discharged 30 years earlier and have had stellar credit ever since … they will still want to know about it. They may use that fact to refuse to give you a loan or to hire you. You should know those are rare cases, however. In most cases, your bankruptcy will not affect you after it is removed from your credit report.
Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.
DISCLAIMER: Please be aware that only an attorney licensed in your state is authorized to advise you in legal matters, and that the limitations of this setting may prevent your legal issues from being thoroughly addressed. Accordingly, please understand that (1) by answering your question(s) I am not acting as your attorney, (2) my answer(s) should be construed as general information only, and (3) our discussion is not an adequate substitute for an in-person consultation with an attorney.