What are the disadvantages of filing for bankruptcy? I have heard that it will prevent me from getting credit for 7 to 10 years. Is this true?

Filing Bankruptcy will stay on your credit report for 7-10 years. However, anything that is reported on your credit stays on there for that long. The important thing is that the bankruptcy discharge will eliminate all of the debts from your credit report. This makes creditors more likely to approve you for loans in the future. Most people are able to get financing for loans, car loans, and even mortgages within 1-2 years of filing for bankruptcy. This will make your credit better immediately. This also makes creditors more likely to approve you for loans in the future.