what is the difference in how they are veiwed if you try to get a loan,or anything of that nature, and one of them is on the credit report?

[Qtip]

They are both bad, they both have positive and negatives. For example a defaulted car loan is bad but it will only remain on your credit file for 7 years where a bankruptcy will be there up to 10 years.

On the other hand I have seen people file for bankruptcy protection and two years later they get decent credit cards with decent terms. At the end of the day your personal financial situation should be the determining factor as to whether you should file for bankruptcy or not.