Why is any form of bankruptcy most often considered a last resort?

In the end, bankruptcy should always be considered a last resort. Choosing to seek the protection of the Bankruptcy Code is a serious decision. While the Bankruptcy Code may help alleviate your debt, the choice does not come without consequences. First of all, bankruptcy petitions are public information and may be published in local newspapers. Many people feel uncomfortable with their private financial difficulties being exposed to the general public. Filing bankruptcy will also be reported to most major credit bureaus. Second, you and your financial affairs will be subject to scrutiny by your creditors and the Bankruptcy Court. Many financial decisions will require the approval of the Court. Finally, particularly when filing for protection under Chapter 7, the person may have to bear the loss of many of his assets.

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