How will this look on my credit report?

You need to ask a banker or someone in the credit industry to whom you do not owe money for their opinion, as this law firm is not trained in evaluating credit-worthiness. However, my banker and mortgage broker friends and former clients tell me it is not that bad. In fact, I have been told on numerous occasions that it is better to have filed a chapter 7 bankruptcy and received a discharge than merely to have bad credit, a foreclosure or something else on your credit, especially if you are trying to get a house mortgage. Creditors frequently tell my clients that they just need to file bankruptcy to straighten out their credit. I have heard this so many times with increasing frequency from a variety of sources that I believe it. However, I am sure there is room for disagreement and that everyone’s file is different.