Will this affect my credit?

Yes, your credit will be effected by filing a Chapter 7 Bankruptcy.  It may have a positive effect on your FICO score by reducing your overall debt after they've been discharged.  Your bankruptcy will remain on your credit report for ten years.  However, in today's economy, it is much easier to obtain credit after you receive your Chapter 7 Discharge than it was even five years ago.  Creditors understand that you cannot file another Chapter 7 case for 8 years so they feel somewhat comfortable in lending to you, even though they may compensate by charging a higher rate of interest.

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