Many employers ask if you have ever filed for bankruptcy! This could impede future job prospects and your ability to get a security clearance. Many credit applications are adding the same question.

Bankruptcy is an embarrassing process, telling the world everything you own and how much you have made for years. Bankruptcy is not as easy as it once was. Many states allow only a small amount of your personal items as an exemption, plus a small amount of equity in your house. If you do not qualify, when in court, the judge could deny your liquidation bankruptcy and place you into a chapter that requires you to pay your creditors in full.

Bankruptcy requires full disclosure of everything you own to your creditors and the world. Could increase your car, home, and life insurance payments forever. May hinder you from applying for employment and requires you to answer yes to the question, "Have you ever filed bankruptcy". This is a valid, but embarrassing option with lifetime affects.