What are some disadvantages of bankruptcy?

The process of filing can be intrusive because Court documents are public record. The stigma it carries can be emotionally challenging to some.

Once bankruptcy is on someone’s record, then he or she has to convince creditors ( for instance, if you want to take a loan out to purchase a car), that payments can be met.
Applying for a residential rental unit may pose some challenges as well especially if it’s a unit in a good, safe neighborhood.

Therefore, whether renting, or purchasing any item, or home, bankruptcy will stay on one’s record for 8-10 years. But it’s not hopeless. You can rebuild credit by taking small steps and making sure that future credit is pay back in a timely fashion.