Points of Clarification to the Post Above on $50K Debt:
Lawyers will advise that items stay on your credit report for 7 years generally,
and BK stays for 10.
They typically won`t advise how long until you can get credit because they don`t control the credit companies and know that offers will typically flow in 2-4 years at significantly high interest rates.
Most consumers cannot file Chapter 11.
I believe you are referring to Chapter 7.
Settling with a credit card company will not keep the card active once you file in most circumstances.
As card companies learn of your filing,
they will automatically close your account.