There is no clear answer to this question. Unfortunately, if you are behind on your bills, your credit may already be bad. Bankruptcy will probably not make things much worse – if at all.
The fact that you’ve filed a bankruptcy can appear on your credit report for up to ten years after the date your case was filed. But because bankruptcy wipes out your old debts, you are likely to be in a better position to pay your current bills, and you may also be able to get new credit. Usually, bankruptcy’s fresh start will allow you to begin re-building your credit.
If you decide to file for bankruptcy, remember that debts discharged in your bankruptcy should be listed on your credit report as having a zero balance, meaning you no longer owe anything on the debt. Debts incorrectly reported as having a balance owed will negatively affect your credit score and make it more difficult or costly to get credit. You should make sure to check your credit report after your court-ordered bankruptcy discharge and file a dispute with credit reporting agencies if this information is not correct.