Does bankruptcy give me a second chance?
A bankruptcy may help you take control of your debts and get a second chance on better managing your finances, but it most definitely does not clean up your credit reports.
Many bankruptcy attorneys apparently do not adequately understand or explain the effects of bankruptcy to their clients. Stated simply, bankruptcy is to the credit rating what the nuclear bomb is to war. It may end the war, but it leaves a mess. When you file for bankruptcy, every credit account that you decide to include in bankruptcy will become an "included in bankruptcy" account (a seriously negative item).
Additionally, a bankruptcy filing and bankruptcy discharge listing will appear in the court records section of your credit report. Because so many negative items are attached to the bankruptcy, it becomes very difficult to remove all trace of the bad credit.