Anyone who has a mountain of debt they have no way of climbing probably thinks that bankruptcy is an attractive solution. It may seem cheap, easy, and quick, but it’s actually a difficult, hard process that can cost you in more ways than one.

Before you jump on the bankruptcy bandwagon, consider the following reasons not to ride:

The Effects are Horrific:  Though it can seem as if filing for bankruptcy is something you can easily get over - even something you can subtly sweep under the rug - the effects can actually be heart breaking. In fact, bankruptcy is listed as one of the top five life-altering negative events a person can go through. It resides behind loss of a loved one, divorce, disability, and dealing with a severe illness.

It Comes with a Social Stigma: Okay, so you might be one of those rare people who don’t care what others think. But, chances are, you are just like everyone else: how you’re viewed by society is important. Filing for bankruptcy can often bring upon a social stigma you probably want to avoid.

Feelings of shame and embarrassment can overwhelm you. Fearing that loved ones, neighbors, and coworkers will find out, you may find yourself becoming dishonest. Family members and friends may even be forced to become involved. At no point can filing for bankruptcy be projected favorably onto your social persona.

You’ll Be Emotionally Hurt: Anyone who thinks they can separate themselves from a bankruptcy filing is probably mistaken: your money and financial standing play a role in your identity and self esteem. In short, they make up who you are.

When you file for bankruptcy, you can easily find yourself robbed of being the person you once were. You are filled with worry, with guilt, and an overwhelming sense of being irresponsible and dishonest. These feelings may ultimately begin to affect your relationships with your friends, family, and even your spouse.

It Will Ruin Your Credit for up to 10 Years: Credit scores may seem unimportant, but that is only until you try to buy a house, a car, rent an apartment, or get any loan of any kind. A good credit score will open doors, doors that a bankruptcy will slam shut.

Bankruptcy reflects on your credit for ten years, and remains in court records for twenty. Even after these time frames have passed, you may be asked on a loan application if you’ve ever filed for bankruptcy. You will have to say yes, even if your filing happened forty years earlier.

It’s Not that Easy and it Won’t Wipe out all Debt: There was a time when bankruptcy seemed to be the answer to everything: if someone got in financial trouble they filed, if a student had a ton of student loans, they filed. Because the use was exploited, the laws are now more strict.

A new Federal Bankruptcy Law makes it harder to file for Chapter 7 and wipe your slate clean.  Through this law, you will be evaluated and if it’s determined you have some financial means, you will be forced to file for Chapter 13 instead, still leaving you in the debt you are trying to absolve.

It Can Take your Assets: Not only is filing for bankruptcy time consuming, costly, and just a plain ol’ hassle, but it also puts your assets at risk for seizure. Chapter 7 bankruptcy, for example, can take your home and any equity to help pay off some of your debts.

If you are a business owner, filing for bankruptcy can ruin your chances of success. Not only does it force your business to deal with the “bankrupt” stigma, but the ruined credit score will also make it extremely difficult to get any business loans.

It Puts you in the Spotlight: Filing for bankruptcy is not a “get out of debt free” card. Whenever you file, your creditors have a chance to dissect your past history, looking for fraudulent behavior. Even if you think you didn’t do anything wrong, a creditor may still be able to prove that you never had any intention of paying them back. If this happens, you can be convicted of fraud, and still end up owing money.

It Could Affect Your Job: Your employer would probably never admit it, but a bankruptcy can hinder you from obtaining promotions.  In certain careers, careers where you deal with other peoples’ finances or company money, filing for bankruptcy may be viewed as unacceptable.  Some companies may even view your credit report before ever hiring you in the first place.

Instead of declaring bankruptcy, there are other options that can help you gain financial control. Debt settlement companies and debt management programs are made up of professionals who can not only help you get out of debt, but educate you on how to stay out of it for good.