While bankruptcy can be a life raft for when your finances hit rock bottom, it represents a hit as bad as any that your credit score can receive. When you apply for bankruptcy, there is a record that goes into your credit report and can result in a bad credit rating for a long time. Chapter 7 bankruptcy stays on your record for ten years while chapter 13 bankruptcy remains on your record between three and five years. For this reason, it is considerably hard to obtain credit after going through bankruptcy.