Answer:
Bankruptcies are considered negative information on your credit report, and can affect how future lenders view you. Seeing a bankruptcy on your credit file may prompt creditors to decline extending you credit or to offer you higher interest rates and less favorable terms if they do decide to give you credit. Many credit card companies will automatically cancel your credit cards when you file for bankruptcy and this may lead to having difficulty getting new credit cards or lines of credit. If you have any joint accounts, creditors can demand payment from the non-bankrupt debtor or any cosigners on those accounts.
