What are the pros and cons of bankruptcy

pros is that you can walk away from your ddebt. Con is that u cant get credit on anything for 7 years. So that means you cant buy a house or a car or things like that. or maybe you could because thats is what got us into the market chaos in the first place.

Bankruptcy stays on ur credit report 10 years, u can file every 7 years but this in a misnomer about 7 years on a report.

In this day & age with tight credit, bankruptcy will eliminate a person from getting credit for 10 years. l know all the stories that this is not true but l know they r not accurate as my job at the Credit Bureau was to council with people with credit problems. So many times, the former bankrupt says Oh, my Attorney did not tell me that l could not get further credit.

l fully agree with ''Dude I'' - You may be able to leave all of ur old debt behind but u better be prepared to live within ur means & without any Credit Cards for a very long time.
And with the financial crisis that we r having right now that means u will not get another credit card, no car loan or any other ''financing'' for at least 10 years when the entries finally have fallen off ur report & u can start again, from scratch.

The other things to consider. Trying to get into any apartment that requires a credit check will put u into the very bottom of the pile of eligible candidates. Landlords do check ur credit report & nowadays a good landlord will shy away from somebody with bad credit.

A bankruptcy would literally make u an outlaw for the next 10 years.
No matter how good the deal unless u have cold hard cash to pay for it u wo not be able to get in to that new car, new house & sometimes not even into a crummy apartment.

Any higher paying job that u apply for will also do a credit check & once again u fall into the bottom off the pile of applicants when ur credit is bad. They do not even have to give a reason. All they have to tell u is that ur credit rating was not within their acceptable range & u did not get the job because the guy with the better credit rating got it.

l feel that even though you can walk away from your debt, you will carry around a physical and emotional burden for years.

asides from the obvious credit problems, you will be stuck knowing that you have failed and had to ''surrender''