If you are thinking of filing for bankruptcy, there are facts you need to know before you make a decision.First, understand that filing for bankruptcy should be a last resort if you have borrowed money and have absolutely no way or repaying it. Filing for bankruptcy will have a very negative effect on your credit history for 10 years or longer, and may also impact your quality of life.If you do declare bankruptcy, you will need to file with the bankruptcy court a complete list of all your outsta.