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Filing for bankruptcy will not permanently damage your credit rating, and if you’re careful and manage your finances well after your bankruptcy you can actually end up in much better financial shape than ever before. Some common bankruptcy questions are the following: Any debts that are discharged through your bankruptcy will be removed from your credit report, so you have less repair work to do. You have to be careful not to take on more new debt than you can comfortably repay. Expect to pay higher interest rates on credit cards, and to pay an annual fee until you have a good payment history again. Charge a very small amount and pay it off quickly. This will raise your credit score.