Filing for bankruptcy is often the last attempt at recovering from a financial loss. Unfortunately, sometimes once you have filed for bankruptcy, you will feel its repercussions. Your credit may take a big hit and it could take a long time for you to recover.Bankruptcy can have a major impact on your life, but it doesnt mean that your life is ruined forever. Many people have dealt with bankruptcy in the past and have found ways to overcome it and get back on their feet. One thing that many people have found helpful is to create and following a budget while rebuilding your credit will help you begin to regain your financial footing.