How does declaring Bankruptcy effect my current credit rating?

bankruptcy
Cheshire Smile asked:

I know that once you declare bankruptcy you can’t file again for another 7 years, but how does filing affect my overall credit rating? Do already paid off credit cards in my name remain valid or are those accounts closed?

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If a bankruptcy is discharged is that good or bad for your credit rating?

bankruptcy
randyxd asked:

I filed for bankruptcy in 1998. Recently in my credit report there was a public notice saying it was discharged.

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