Anything you do concerning payment of your debts is a part of your credit record. Your credit record is like a camera taking a picture of your credit history, usually for a period of 7 to 10 years. Eventually, everything drops off your credit report. Bankruptcy, like prompt payment, slow payment, foreclosure, repossession, charge-offs or any other manner of handling your debts, is reported on your credit record. How your credit history will affect you depends on how the person reviewing your credit report wishes to interpret it. On one extreme, a prospective creditor may refuse you if you have had a bankruptcy of any kind. The creditor may not consider what circumstances caused you to seek relief in bankruptcy, over-extension of credit, loss of job, serious illness, unexpected major expense, such as major hospital bills, car repairs, death, divorce, etc. On the other hand, a prospective creditor may consider all of these factors and decide whether or not to extend credit to you based on these considerations plus others, such as your future ability to repay. Bankruptcy is a rebuilding process which begins immediately after filing. Typically, you should be able to purchase a vehicle after your discharge, and to purchase a home two years after your discharge, and many lenders may approve your loan sooner.