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Let’s face it, filing for bankruptcy is a big deal. It’s the most extreme of all financial makeovers, and financial analysts continue to warn us that it should be a last resort that should not be entered into without knowing what you are doing.

Bankruptcy is stamped onto your credit report for a full ten years. And without a decent credit report, your ability to obtain a car, living situation or employment could be greatly hindered. If you are filing, it is a good idea to keep in mind that this is a big deal, and you should do your best to plan for your bankruptcy.

Your credit score can be likened to your criminal record. Both will follow you around for a very long time, and both are supposed reflections of the person you are. Only you and perhaps your attorney will know your criminal record. But your credit score can be pulled when you apply for a credit card, or go to get a new car, or even try to move in to a new place.

For those not in the know, your credit score is based on a number system between 300 and 850. A secret formula (OK a mathematical algorithm) determines what your number should be. Experts and creditors agree that your credit score is said to be a very accurate prediction of how likely you are to pay off your bills.