Bankruptcy has several negative consequences, however, about 800,000 personnel apply for bankruptcy in Florida each year … More than anything, because bankruptcy is a lifesaver, and the benefits of a well-done bankruptcy far outweigh the negative consequences… These are the 5 most important negative consequences of a bankruptcy: FIRST- Bankruptcy will appear on your credit for 7 years to 10 years, which can result in you being denied loans or approved with interest rates higher than the average. This is particularly true in the first two years after bankruptcy, but with the assistance of a credit repair agency, the negative effects quickly and gradually diminish. In addition, it is important to consider that having monthly payments in arrears for many months, also appears in the credit for several years, and produces negative consequences similar to a bankruptcy … SECOND- You have to start your credit from zero, that is, you cannot go the next day of make a bankruptcy to ask for a loan to buy a house, but you must take out a small account, with high interests and pay it on time each month, so that your credit goes up little by little. Which is better than having bad credit and not being able to do anything to improve it. THIRD- If you have more than one property with equity, you will most likely have to sell all or part of your debts. Now, this does not include the house where you reside, which is protected. Of course, this is something that would happen with or without bankruptcy, due to the demands of your creditors. FOURTH- Many condos and rental associations may deny you entry or ask for high insurance deposits when they see a bankruptcy on your credit report, which is a big inconvenience, but the reality is that most of those condos would do the same although not have a bankruptcy, seeing that you have bad credit. FIFTH- Bankruptcy is a public record, so anyone who knows where to look can find personal information that you might prefer to keep private, this can be embarrassing or inconvenient for some people …