The most obvious disadvantage of filing a bankruptcy is the fact that your bankruptcy will be reported on your credit report. This is sometimes viewed as a negative mark on credit, but sometimes it actually improves your credit score.
Credit reporting bureaus are permitted to report bankruptcy filings for up to 10 years from the filing date of the bankruptcy. However, this is not so bad as most people think. It does not take long to restore credit after filing a bankruptcy.
In the last 25 years, I’ve seen the time that it takes to restore good credit after bankruptcy get shorter and shorter every year until now it only takes one or two years after bankruptcy filing to obtain credit at good interest rates.