Some people worry that they won't have access to credit after a bankruptcy. Bankruptcy has a direct and provable negative effect on your credit, in part, as a way to deter people from filing unnecessarily. However, it is often less damaging to your credit than multiple delinquent accounts and judgments against you.
Although there are many undeniable advantages to filing for bankruptcy, there is still a certain stigma attached to it, and this often deters people, preventing them filing. If you are struggling with overwhelming financial challenges but you are worried about how bankruptcy could negatively affect your life, it is important that you clarify the validity of some of your suspicions.