A consumer credit report stores information about bankruptcy for 7 to 10 years. However, it is possible to have good credit ratings before then.
The longer you maintain in good standing with your creditors once your bankruptcy is completed, the better your chances will be of establishing good credit. You may experience higher interest rates when financing cars or houses after the bankruptcy, but this depends on each individual creditor and their policies.
Mortgage paperwork mess: Next housing shock?
(CBS News) If there was a question about whether we’re headed for a second housing shock, that was settled last week with news that home prices have fallen a sixth consecutive month. Values are nearly back to levels of the Great Recession. One thing weighing on the economy is the huge number of foreclosed houses.