Question

What is a cost of filing bankruptcy?

It allows consumers to borrow money at a high interest rate and fees.
It appears on a consumer's credit report for up to 10 years.
It enables consumers to sell all assets in exchange for debt elimination.
It helps consumers negotiate with creditors to reduce interest rates.

Answer 1

It appears on a consumer's credit report for up to 10 years

Step-by-step explanation:

Bankruptcy is a legal means of declaring that a person or business cannot repay its debts.

The cost of filing for bankruptcy is that it damages credit and appears on a consumer's credit report for up to 10 years after it has been filed.