B. The Scarlet Letter. Branded?
Once your credit file receives this information, the world then knows that you are infected, and the guards, Fair and Isaac, will not allow you in the good credit pool, at least not for a while.( Up to seven years or more.) There are a number of ways to have it removed, (not necessarily legal) but it is like a zit, once you think it has been eliminated, it can pop back up and you must be vigilant if you want to be an early emerger.
Of course, careful thought and counsel are so important before taking the plunge. Depending on your reasons and necessities for filing, there can be unforseen consequencies, like missed opportunities due to lack of leverage ability. For example - Your idea may not have flown well in Chicago, but might soar like an eagle in Barcelona.
Bankruptcy laws, being what they are, are bent quite a bit. I have worked for several multiple filers, they usually look pretty old and tired. One thing about a bk court, not a lot of smiling going on and being noble seems to take a back seat to guile. The difference between individual or small business as opposed to large corporation proceedings is a sight to behold also. Some of the biggies' seem to have a circus atmosphere in that there is so much going on, and people smile more with a lot more handshaking. I have come away from those things with a fraction on the dollar and been happy. Ha Ha
My first exposure to bankruptcy court was in the summer of 1963. I came in to the office and was told to take an envelope to the courthouse and go upstairs to the BK court, that I would be representing the company in this case. When I arrived upstairs a man in a suit walked up to me and asked my name and said did I have the envelope. I gave it to him as he requested. He left me and went to a young man sitting near a group of people that were seated on a long bench in a hallway outside the court room. All of these people on the bench were NOT smiling, they were mostly young people, say 30's and 40's. They wore casual type clothing, NO suits. There were men IN suits standing or going to and talking with the various people on the bench and THEY smiled occasionaly. The man returned with the envelope, gave it back and said to return it to my office. I was disappointed that I did not get to watch the proceedings, however I had unwittingly participated. I later found the envelope contained cash and a loan agreement so the client could pay fees ALONG with HIS reassumption of the debt.