The impact of bankruptcy will vary with individual circumstances, and the consequences will be greater for some than others. The following is a brief outline of some of the possible costs of bankruptcy.

• Filing for bankruptcy may cause you to lose some of your property.
  
  
• When you file for bankruptcy, it goes on your credit report and stays there for 10 years.
  
  
• Individuals who have a bankruptcy filing on their credit record will not be able to take advantage of low rates.
  
  
• Bankruptcy is a matter of public record and may damage your reputation in the community.
  
  
• Filing for bankruptcy may make it more difficult to obtain a new mortgage loan or refinance an existing loan, especially in the short term.
  
  
• Filing for bankruptcy may also make it more difficult to rent an apartment or house because the landlord may be concerned about your ability to make regular payments. To offset that risk, you may have to provide a larger security deposit or pay for several months in advance.