Impact To Credit Worthiness - Filing for any type of Bankruptcy will leave your credit score and credit report in the dumps for a long time. The Bankruptcy will stay on your credit report for 7 to 10 years and you will be viewed as un-lendable in the long term.

Public Record - Any bankruptcies that are filed become public record. So anyone that conducts a background check can see that you've filed for bankruptcy (Employers, landlords, etc.)

Expensive - Filing for bankruptcy is costly and far from free. In order to correctly process the filing you will need a decent attorney (which tend to be quite expensive).

Property Loss - You may lose property that you own that is not exempt from sale by the bankruptcy trustee.