Bankruptcy is not the "get out of jail free" card it used to be. Check out the numerous bankruptcy consequences.
1. It has been widely documented that completing a bankruptcy will have adverse affects on your credit report, however many still do not understand how serious this is. For either 7 or 10 years your bankruptcy case will have a hugely negative impact on your credit score. These days you need at least a 625-650+ credit score to qualify for a mortgage and similar scores to get a decent auto or personal loan. Even credit cards can be tough to qualify for if you do not have a decent credit history. One of the worst things you can do financially is send your credit score down below 600 points, you will do exactly that if you go through with your bankruptcy.
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2. Will cost hundreds/thousands of dollars. A bankruptcy costs 250-300 dollars just to file. This does not take into account the mandatory credit counseling you will likely have to pay for and the thousands you may have to ante up to get a decent bankruptcy attorney. Time is money as well, and you will have to dedicate hundreds of hours over the 4-6 month process to complete your bankruptcy case.
3. You will either have to continue to make payments on the assets you own or lose your assets depending on whether you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Either way, you are not in the clear by any means.
Bankruptcies hurt these days, there are scenarios in which a bankruptcy makes sense, but those are rare. Avoid bankruptcies if you possibly can.
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