Yes, a bankruptcy is reported on your credit. However, bankruptcy is a double edged sword. While bankruptcy is considered black mark on your credit, it does serve to clear off bad debt, and that will improve your credit.
You usually cannot get a home loan immediately after filing. You generally have to wait two years before you can qualify for FHA financing on a home.
The bankruptcy goes on the credit file of the filing individual. If you spouse does not file, then the bankruptcy will not appear on their credit file.
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