One of the biggest disadvantages of filing bankruptcy is the 10 year period the information will be disclosed on your credit report. Most people know that over the course of the 10 years it' will be very difficult for them to re-establish their credit history positively. And although in 10 year bankruptcy can be removed from your credit report there is also an undetermined period of time in which the federal courts can retain bankruptcy filings on your record. Aside from having bankruptcy following your financial history for 10 years here are other downsides to bankruptcy to consider:
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Employment - Nowadays employers browse your credit history to determine employment. In this case a bankruptcy can make it harder to get a job in a number of industries. Auto insurance - bankruptcy damages your reliability with insurance carriers in which many will opt to deny your request for insurance coverage or increase your premium to compensate for the financial risk they're taking to insure you. Moving - Many people with bankruptcies find it quite difficult to secure residency. Generally, potential landlords will shun away from people with bankruptcy making it harder to rent when a bankruptcy is present even if you have substantial income to cover the rent. Cost to file bankruptcy- recently changes have been made in terms of the filling fee's for bankruptcy. While it is still an option to file bankruptcy without the aid of an attorney it's not recommended for more complicated filings. This means that a professional can help with what debts are covered under the bankruptcy and which ones are not. So when you calculate the cost for filing plus legal consultation and assistance you can expect to pay up to $2,000 or more. Force to sell - this is one of the most disappointing downsides to bankruptcy, because individuals may be consigned to sell all assets of value to pay down debt. In this case if you're a homeowner you can be forced to sell your home to cover your debts.
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