how can i get reliable information about the effects of bankruptcy
1 Bankruptcy can be listed on your credit report for up to 10 years. 2  This is the most misunderstood consequence of bankruptcy. 3  That fact that bankruptcy I âlistedâ on your credit report does not mean that it ruins your credit for 10 years.EGATIVE EFFECTS OF BANKRUPTCY. 1  You can not file bankruptcy again for 8 years. 2  This, to me, is the most important consequence. 3  You are basically using your âget out of jail freeâ card. 4  If you think you will have a big medical expense or otherwise run into hard times in the next few years.