Most people know that declaring Chapter 7 bankruptcy is not a walk in the park and that there will be long-term consequences if you choose this route. However, it's important to take a balanced view and ask yourself exactly what the consequences are.
Your financial reputation will be damaged
The most obvious consequence of declaring Chapter 7 (or even Chapter 13 for that matter) will be the damage done to your credit report. Your bankruptcy filing will sit on your record for about 10 years, and this will make it more difficult to obtain reasonable interest rates (or even to obtain credit at all). The first couple years after bankruptcy will be the hardest, but it is not impossible to reestablish credit.
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Family members may not understand
Many family members, especially those from an older generation, may strongly object to your filing. This can even cause considerable strain in your relationships because your relatives feel that you are not living up to your obligations. Likewise, you may feel embarrassed in front of your friends, although they don't necessarily have to find out.
Your filing as a matter of public record
This brings us to our next point, which is that your bankruptcy petition will become a matter of public record. If anyone was interested in looking into your records, they could find out that you filed. However, this is unlikely to be an issue unless you live in a small community where these kinds of things are published in a local newspaper or bulletin board. It's probably not a big issue in a large metropolitan area.
This could affect your job applications
Although your current employers are not allowed to discriminate against you because you declare chapter 7, it may be difficult to get certain jobs in the first place. This is especially true if you need to be financially bonded.
These are all obviously important issues to consider, but the real deciding factor is what is best for your financial future and that of your family. Don't make your decisions simply out of fear or shame, but sit down with a bankruptcy attorney and financial advisor to discuss all of your options carefully. It doesn't hurt to at least consider this as a possibility.
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