What are the long-term effects of bankruptcy? Will I ever be able to get a loan again?

Your credit report will state that you filed for bankruptcy. A bankruptcy will stay on your credit report for seven years if you filed for Chapter 13 and ten years if you filed for Chapter 7. Lenders use credit reports in deciding whether to make loans. A bankruptcy does not mean you will never be able to borrow money again, but at first, it may be harder to get a loan at a good interest rate.