The discharged bankrupt is relieved of most debts, and unsecured creditors cannot take legal steps to recover their debt.

Bankruptcy generally does not affect employment.

The bankrupt can avoid being harassed by creditors.

Some debts are not released with a bankruptcy declaration. These include: spousal support, child support, debt arising out of fraud, court fines, and debts or obligations for student loans when the bankruptcy occurs while the debtor is still a student or within 10 years after the bankrupt has ceased to be a student.

The bankrupt may have difficulty in being bonded

It will negatively affect your credit rating, and will appear on your rating for seven years