You must avoid bankruptcy. This must not sound as if you are being mentored. You simply have to bear this in mind as a reminder to you. When you file for bankruptcy, sure enough, the stain would leave marks on your credit reports. The credit report would bear the stains of bankruptcy for a duration of almost ten years. Now when you have the dire need to secure loans, the creditors would always have second thoughts. You are not in the position to blame them though. They are running a financial business and they do not want to get unlucky. They would never risk negotiating with someone who has got a very ruined credit score. So let us say that you have been allowed to loan some money.
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