Bankruptcy will have a significant impact on your credit score. When you declare bankruptcy, it's recorded on your credit report, signaling to lenders that you've previously been unable to meet your financial obligations. This can make it more challenging to obtain credit in the short term. Typically, a bankruptcy will remain on your credit report for seven years from the date of discharge in the case of a first bankruptcy. It's vital to understand that rebuilding credit is possible, and there are steps you can take post-bankruptcy to gradually restore your creditworthiness.