What are the consequences of filing for bankruptcy?

Filing for bankruptcy entails various consequences. Firstly, your credit score will be significantly affected, leading to difficulty in obtaining credit in the future. Additionally, some assets may be sold to repay your debts, resulting in potential loss of property. Bankruptcy stays on your credit report for several years, hindering your ability to secure loans or mortgages at favorable rates. Moreover, filing for bankruptcy can impact job prospects, as some employers perform credit checks. It should be noted that not all debts are dischargeable, such as student loans and child support payments. Lastly, bankruptcy may have emotional and psychological impacts due to the stigma associated with it. It's crucial to consult with a bankruptcy attorney for expert advice on the potential consequences specific to your situation.