Before you file for bankruptcy, there are a number of things that you should know.
1. Filing bankruptcy will destroy your credit score.
You'll be unable to obtain a credit card or secure a loan for some time once you've filed bankruptcy. A bankruptcy listing can remain on your record for up to 10 years. It is, however, possible to rebuild your credit rating, although it will take time. Be sure to keep this in mind before you file for bankruptcy.
2. Some debts will not be discharged
Not all debts are discharged automatically. There are still debts that you are obliged to pay. Some of these include child support payments, student loans and income taxes. Don't assume that you are automatically debt free once you are declared bankrupt.
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3. There are consequences to filing bankruptcy
Some banks will refuse to allow you to open a bank account with them. You will be barred from managing a company or being a company director, as well as jobs that entail significant responsibility, such as being a practicing lawyer or accountant. You'll also be on public record as a bankrupt and it'll remain there for years after you are discharged. You may also find that an adverse credit report could bias many landlords against rental lease applications.
4. There are different types of bankruptcy
In total, there are six types of bankruptcy, although the ones that are likely to concern an individual are Chapter 7 and Chapter 13. There are significant differences between filing for bankruptcy under Chapter 7 and filing for bankruptcy under Chapter 13, so be sure to talk to a professional bankruptcy attorney before making your decision.
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