Can you have a life after claiming bankruptcy? Of course you can but you may have to work hard to repair your credit if you plan on taking out a new mortgage or any form of credit.
Bankruptcy has an adverse effect on your credit rating but then so does missing payments or paying late which is probably what is currently happening if you are thinking of filing for bankruptcy anyway. You need to get proper advice before you file. Be wary of companies that offer to write off your debts for you. This is generally not possible and in most cases these companies just want your money. You don’t have any spare cash to waste on scams and if you do get involved you risk going to prison for fraud if you apply some of the methods they suggest to your personal circumstances.
It is better to pay for the time of a professional either an attorney who specializes in this area or a not for profit credit counselor who has your best interests at heart. Both will go through your budget i.e. your income and expenditure report and help you make an assessment as to what is the best option for you. They may not advise claiming bankruptcy but they will always explain their reasoning.
Yes, bankruptcy does stay on your file for years to come but this can be preferable to spending a lot of time paying back thousands of dollars in interest and charges only to find that you have made very little dent in the debt and will probably never pay it off. You will have wasted years making payments yet may go bankrupt anyway. Add to that the stress the financial pressure puts on your life and your relationships and it may be easier to understand why people file for chapter 7 or 13.
Claiming bankruptcy is never an easy decision but often it is the best one. Just be sure you learn from your mistakes and look to improving your credit score as soon as your claim has been concluded.