While a bankruptcy filing will appear on your credit report for up to 10 years, you can immediately start rebuilding your credit after you receive your discharge. The more time that passes, the less important the bankruptcy filing is on your credit report. Plus, every month you have a late payment or other negative credit activity, it is reflected on your credit report. When you receive your bankruptcy discharge, most of that negative credit reporting ends immediately. Think of it like ripping off a band-aid — you will be well on your way to rebuilding your credit!