The decision to file for a bankruptcy is a serious one that has consequences. A bankruptcy can stay on your credit report for about 10 years. Your credit score will be affected which in turn will affect your ability to purchase a car or a home. It will also affect the interest rate charged for purchases. The ability to get credit and loans will be limited. A Chapter 7 bankruptcy can only be filed every 8 years. However, most people can get a credit card. The best way to rebuild credit is to pay the balance of the credit card in full each month and to start a savings plan. Over time your credit can be restored.