When wanting to file bankrupt you think of the effect it will have on your debt report, but overall this is not a good thing as all the proceedings are held in court and published in the paper. Despite the fact that filing bankruptcy will erase your debts the credit score will not be cleared immediately.
When you file for bankrupt your score can fall about 300 down because of various issues pertaining to the repayment of your debt. It is very important to know about your credit rating and certain particular future plans, and your debt rating is important in many ways as it is not for just getting a loan but you can also gain insurance from having your credit score and even employment. If you have been bankrupt before then you should note this when requesting a $1000 dollars loan or more and if an individual fails to do so they will be prosecuted. And when stuck with the case of bankruptcy you have a warm time transacting business as you cannot get debt so easily.
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Another effect of bankrupt that can really be bad is your ability to get a job, getting approved for a rental or securing a mortgage. In your particular situation filing bankrupt maybe makes sense but you will have to check your lawyer about to know exactly what to do. The issue of bankruptcy on your report will be considered by lenders but the sad part about it is that there are fees that are worst off than collection accounts.
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