Filing for bankruptcy often gives debtors the feeling of a fresh start. Chapter 7 (liquidation), wipes away your debt. Chapter 13 (the wage earners plan) gives you the ability to develop a 3-5 year plan to repay all your debt.
Depending on your case, bankruptcy stays on your credit report for 7-10 years. A chapter 7 case is on your report for ten years, and a chapter 13 case is there for seven years. However, a bankruptcy discharge could prevent you from obtaining new lines of credit.
If you are already considering bankruptcy, it's likely that your credit score is already damaged. Your credit report may not endure that much more damage, especially if you remain consistent with paying your bills after declaring bankruptcy.