Content Overview 
- Summary
- How Can Filing For Bankruptcy Help Me?
- When Might I Consider Filing For Bankruptcy?
- What Are Some Of The Drawbacks Of Bankruptcy?
- What Types Of Debt Are Not Dischargeable Under Bankruptcy?
- What Should I Do Before Filing for Bankruptcy?
- If I Do Decide To File Bankruptcy, When Should I Do It?
- Can't I Just Transfer My Property To Someone Else Before I File For Bankruptcy?
How To Decide Whether And When To File For Bankruptcy
What Are Some Of The Drawbacks Of Bankruptcy?
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- Not all debts are dischargeable in bankruptcy. See below.
- Bankruptcy will stay on your credit report for ten years. During this time, it may be difficult to obtain credit that you might need for medical or other emergencies or, even, to live off of. Bankruptcy may even count against you if you're applying for a new job.
- Chapter 7 bankruptcies can force you to part with possessions to which you may be emotionally attached, such as antiques, collections, or other family heirlooms.
- Even more devastating for some people, bankruptcy could affect you emotionally. Some people who file bankruptcy may feel that Bankruptcy is the ultimate personal failure. In today's materialistic society (where self-worth is often measured by wealth) others may in fact think this as well. The emotional difficulty with bankruptcy can be lessened by seeking professional help or speaking with a Support Group.
- There could be social stigma related to filing for bankruptcy. (Generally accepted wisdom is that real or perceived social stigma should not discourage you from filing bankruptcy.)
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