There are a lot of disadvantages to filing for bankruptcy

There are a lot of disadvantages to filing for bankruptcy. You don’t usually lose property, but you can, especially if you have luxury items.

The main things to consider are your credit report. They keep the bankruptcy on it for 10 years, so it can haunt you longer than other problems. And that can really affect your efforts to buy a house or other large item in the future.

Also, people who file for bankruptcy have a high chance of failing again. The system will help you fail again. Credit card companies know you can’t file again for bankruptcy soon, and they know you are more likely to charge stuff. So, they will give you credit,knowing you can’t afford it. And they will charge you higher interest rates for it.

Many companies prey on people with bankruptcy histories and tell them what they want to hear, so that they get in over their heads again.

Bankruptcy is a last ditch effort, and should be saved as a last option. It sounds like you aren’t near that. Spending too much, yes, but still above water. Better than most people here, I suspect.

You would be much better off looking for ways to cut spending, and then apply that money to paying more than the minimum due on your bills. By paying it off yourself, you keep your credit rating much better. Even if you end up with some bad marks, they won’t stay on your report as long, and you can also show that you made good on your responsibilities. That makes you a much better risk than somebody who went with bankruptcy.

Also, keep in mind that credit report also affect your insurance rates, background checks for some jobs, and interest rates for loans.