The true cost of bankruptcy is not just the cost of getting a lawyer, and filing papers with the court, but, you also have the old stigma of having filed bankruptcy with the creditors, and banks for years and years to come.Often, this can be the only option open to you when you owe hundreds of thousands of dollars, and you know you can not even pay pennies on the dollar back on what you owe.My parents filed bankruptcy a very long time ago, and were able to get a rental home, but, never were able to buy one, or get any loans until over 10 years later when they were able to show they had some credit for some time.Having your home, or cars, or other items repossessed can very much count against you in the credit scheme of things.Filing bankruptcy is not as bad as it used to be considered, however, and even famous people have filed for chapter 11, or chapter 13, and still have been able to retain some of their property, car, or a home. Cost of bankruptcy involves filing legal documents, and papers with the court, retaining a lawyer, and speaking to someone about financial aspects of your case.Get very good legal and financial advice, and you may even have to speak to someone with the IRS, if your lawyer, or financial adviser does not. With anything, take very good notes, and record the date, time, and who you spoke to on the phone, along with their office, and phone number, this way, you can know what is going on step by step,This does not have to ruin your life, but, you should know that you will not have good credit for some time, if you have no other choice of making some kind of payment arrangements on your debts, and bills. With this, it lasts for a whole lot longer then a year or two. You will be unable to use credit cards, or get a new car, or arrange for a loan, I am sure. I have never had to do this myself, but, I have been in some tough financial straits.Make sure you, your spouse, and your children all know what is going on, and what will happen, since this will effect your family for some years to come. The cost of bankruptcy affects us all, in any situation.