What is the downside to bankruptcy

[AngelinaCat]

You might lose a friend or two jf you disclose the fact that you filed BK to them--but then, they really weren't your friends to begin with, were they?

[HHM]

Hmm, down side....debt free, credit recovers in less than two years, relief of financial stress, ability to focus on what is important, presumably enough income to actually pay your bills....hmm, no downside really comes to mind

[drowning123]

Credit report and scores can bounce back. The negative effect is only temporary. Renting may be an issue, but so what, you can always find someone to rent to you. You can still get loans with high interest, but the point is, you can still get loans. You can still purchase a house in the future. Time is on your side when it comes to bankruptcy. I don't really see any devastating downside.

[df04527]

What's the downside? Your credit report/scores is the first thing that comes to mind.

[RLOPE]

while explaining my dire financial situation to a friend the other day, and ending with... ' so, it looks like we'll be filing for bankruptcy in the first quarter of 2011' he responded with, 'so then, what is the downside to filing bankruptcy?' - - to which I had no answer.

Can anyone offer insight? ? ?