A myth that I hear a lot is how bankruptcy affords you the 'fresh start' and that lenders will approve you for loans because they know you cant file bankruptcy again. Today your credit report contains a point score. A high score is what creditors look for as a basis for approving credit applications. Nothing is free and nothing worthwhile is easy. Use your good common sense, trust your instincts and surf the net to find answers to your financial questions and problems.
Bankruptcy is a stigma for life.
The public records containing all of the personal information on your bankruptcy are kept in storage available for anyone for 20 years after it has been discharged or dismissed. In my opinion, bankruptcy should only be used as a last resort, when all other options have failed. This choice is the preferred one of most consumers because it affords anonymity without the stigma, while avoiding the embarrassment and humiliation of credit counseling or bankruptcy court. However, this is where most consumers endure the tremendous hostility of the collection system. When an account is past due, the in-house collector who works for the original creditor will contact you for the purpose of getting a payment.