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What are the disadvantages to filing for bankruptcy?

The biggest disadvantage to filing for bankruptcy is the stain it puts upon your credit report, which could affect you from making any major purchases for up to ten years. However, bankruptcy does not always prevent you from getting credit; indeed, a great deal of people who file for bankruptcy are able to get credit lines within three years, though interest rates might be higher. Moreover, if you file for bankruptcy, you will lose your credit cards, you may lose your nonessential possessions, you won’t be able to obtain a mortgage for many years, many of your debts will not be discharged, and you face potential embarrassment.