Some people look at bankruptcy as an easy solution to their financial woes, but in reality, bankruptcy is no picnic. A bankruptcy filing will remain on your credit report for seven years following a Chapter 13 repayment plan and 10 years following a Chapter 7 liquidation. During that time, you may find it difficult to get approved for a mortgage, rental, or car loan, and even if you are approved to borrow money, it will most likely be at an unfavorable rate. So if you’d rather avoid bankruptcy and the financial repercussions that come with it, here are five tips to follow.