How will this affect my credit?
A chapter 7 bankruptcy will remain on your credit for 10 years, however it is not 10 years of purgatory. I have many clients who are able to get their credit scores above 700 even with the bankruptcy on their credit report. You can qualify for a car loan immediately after the bankruptcy and for a FHA (low down payment) mortgage after 2 years.
If you are considering filing for bankruptcy, I suggest consulting with an experienced bankruptcy attorney.