When consumers seek help filing bankruptcy, one of the first questions asked is, "What happens to my credit if I file for bankruptcy?".  This is a very serious concern, and one that you need to discuss thoroughly with a financial planner or a bankruptcy attorney.

For many, the thought of having their credit destroyed is understandably devastating.  Many of us have worked hard over the years to pay our bills on time, often paying at least the amount due, if not a bit more, or even the amount in full each and every month.  However, with a tough economy, lay offs in a variety of industries, rising medical costs and so many other financial and economic burdens and hurdles we are met with, even the best credit consumer can find themselves unable to juggle their monthly bills.

Furthermore, you should make sure that you have exhausted all of your alternatives to bankruptcy and ask you bankruptcy attorney how to avoid bankruptcy all together. 

Generally, bankruptcies have a life span of 10 years on credit files. After it has exceeded this time frame, it ought to be deleted from one’s file, but since the reporting bureaus and the creditor that furnished the account with them do not get any benefit for deleting it, naturally it becomes your own responsibility to ensure that it is removed.
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