Many people put off filing for bankruptcy because they are worried that their credit score will take a hit if they do. There’s no getting around it: your credit score is likely to drop if you file for bankruptcy. But that’s not the whole story, or the end of the story. Most people see a significant increase in credit score in the first year after bankruptcy.
If you have a lot of debt and not many assets, chances are that your credit score is already pretty poor. In that case, it probably makes sense to get out from under the burden of your debt and begin to build a strong financial future; that may be the quickest path to an improved credit score. If you currently have a good credit score, you can expect it to drop more after filing than if you had a bad one, but it will come back up quickly.