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The term bankruptcy comes from "banca rotta", which is an italian for broken bench. Bankruptcy, is a legal way for people who can no longer afford to pay their debts on their own. However, Bankruptcy is not without it's drawbacks, and is certainly not for everyone. To start, once you file bankruptcy, it stays in your credit history for a total of ten years, and in the court records for twenty. This alone can make it very difficult to get any type of loan, and could complicate securing future employment. Additionally, you stand the chance of loosing any non-exempt properties, or the equivalent value in liquid assets.
When you declare bankruptcy, you can also expect all of your bank accounts and credit cards to become subject to immediate closure. Any possession you may have that is not paid off in full, stands a very high chance of being repossessed and returned to the appropriate establishment. Staying afloat after filing bankruptcy may also prove to be rather difficult. Because of the effect bankruptcy has on your credit score, it can be incredibly difficult to buy and/or rent a home or apartment. Acquiring insurance of any type will also prove to be a daunting task. Obtaining a vehicle is also no easy task after filing for bankruptcy. While it may seem like filing bankruptcy may seem like a good alternative to struggling, it can actually be rather detrimental and it is advised that you look at all possible alternatives before you make the decision to formally file for bankruptcy.