Filing for bankruptcy If you can't put together a perfect debt payoff plan, then filing for bankruptcy can be an easy way to pay off the debt load. But doing so has its own pitfalls. Your creditors and employers will see the bankruptcy filing listed on your credit report. You will denied a new credit by many creditors. The landlord will refuse renting out his property to you. Once you have filed bankruptcy, it generally takes years to repair your credit. So you need to do whatever you can to pay off that debt on your own.