In 21st century America, being buried in debt seems like the national pastime.
So many people struggle to pay their bills and are looking for a way out of the financial mess.
Bankruptcy is certainly one option to consider.
Bankruptcy is a legitimate way to start over financially.
Sometimes there are simply not a lot of options available to you, and you should never rule out bankruptcy simply out of pride or stubbornness.
Nevertheless, there are some serious reasons for not filing bankruptcy.
There are situations in which bankruptcy is not appropriate because your debts are not as bad as they seem.
Many times you could pay them off within a few years by making small monthly payments.
But what if you really are in the financial pickle, so to speak? There are still a few drawbacks for you to consider.

1. First of all, your credit rating will be seriously damaged.
   Of course, if your financial circumstances are severe enough, you may not really care that much about your credit rating.
   But it's still something to consider.
   Bankruptcy will usually appear on your credit report for 10 years, so it can take a while for you to recover.
   Then again, if you're bankrupt, you shouldn't be applying for a new Camry anytime soon.
   
2. In addition, your financial history may hurt you when applying for a certain jobs.
   If a particular position requires that you be bonded (such as working in a bank or any jewelry store), you may be considered too big a risk for employment.
   I'm not saying you won't be able to get any job at all, but some jobs may be out of reach for you.
   
3. My last reason is one that many people don't consider, and that is accepting responsibility.
   Now I'm not saying that you're doing something wrong if you file for bankruptcy.
   Remember that I said that it was a legitimate way to start over financially.
   However, one major drawback of bankruptcy is that your creditors may not be paid.
   

Sometimes this affects small businesses in your community, not just huge, impersonal corporations.
If you're considering bankruptcy only as a way to get out of your responsibilities, think of all the people that maybe hurt by this.
There are many other drawbacks to bankruptcy, but there also many cases in which it's the right thing to do financially.
Simply put, you need to learn as much as possible about this topic to do the right thing for your family.