Bankruptcy has a significant and lasting impact on your credit. Chapter 7 bankruptcy remains on your credit report for up to 10 years, while Chapter 13 lingers for seven years. During this period, obtaining new credit may be challenging, and if approved, interest rates are likely to be higher. Lenders perceive you as a higher risk. Rebuilding credit post-bankruptcy involves responsible financial habits like timely payments, budgeting, and cautious credit use.