TO answer the base question, the answer is no. If one is already at a point where they need to file bankruptcy (which should be an absolute last resort) then their credit is already ruined. So filing bankruptcy doesn't ruin that what is already bad. But with a bankruptcy filing depending on the type of bankruptcy (Chap, 7, 11 or 13) and the things involved in the bankruptcy, you won't be borrowing money again for anywhere from 5 to 10 years. Bad credit can be rebuilt. It just takes time. All these advertisements you hear about repairing your credit "overnight" are mostly BS. The only way to improve bad credit, is with time. Just like a wound heals.
Basically a bankruptcy establishes a "start over" point in time where you start building your credit anew. It takes time.
