If you decide that finding professional bankruptcy lawyers is the right option for you, you be aware of the long term effects this will have on your credit. The bankruptcy will remain on your credit record for ten years, you will lose access to virtually all credit for at least a couple of years, and you can expect to have to wait for three to five year to pass before you will qualify for a mortgage. Further, since your credit report is used by people other than lenders – such as potential landlords and employers – having a bankruptcy will look bad and will probably be held against you by almost everyone. However, realistically if you are in a position where bankruptcy is the best available option, then chances are you already have an awful credit record anyway, so it probably does not matter that much.

Assuming you file for Chapter 7 bankruptcy, as opposed to Chapter 13 (which is more of debt restructuring plan), you can also expect to have any nonexempt assets taken by the court and liquidated as partial payment to your creditors. However, contrary to some conventional wisdom, this does not usually involve losing your primary residence or your primary vehicle, both of which are considered exempt. However, you may lose additional properties or recreational vehicles. If you decide to file for bankruptcy, you may want to consider liquidating your nonexempt assets before filing as you will likely receive more money for them and can direct that money the way you want to as opposed to letting the court make the decision.