Bankruptcy is listed in the top five life-altering negative events that we can go through. Chapter 7 bankruptcy, which is total bankruptcy, stays on your credit report for 10 years. Chapter 13 bankruptcy, more like a payment plan, stays on your credit report for seven years.
Bankruptcy, however, is for life. Loan applications and many job applications ask if you have ever filed for bankruptcy. Ever. A common misconception is that you can use credit repair services to fix the damage from filing bankruptcy. If you lie to get a loan because your bankruptcy is very old, technically you have committed criminal fraud.
Donald Trump declared bankruptcy and he’s doing alright. Many corporations declare bankruptcy, and afterwards do very well. It’s not an ideal solution, but it works for many people.
At least on cars and mortgages...they say "in the last 7 years..." So if you say "no" because it was 15 years ago...you're telling the truth, as it wasn't within 7 years. Employment apps are a different story. However, it's generally one's performance and profile in the years since that most employers are worried about.