You also can not hold over a certain amount of money in the bank any car or asset you own has to be under a certain value. It really is something to be done only if there is no way out especially if you want to get married and start a family.

Oh and also a blot on your credit rating only stays there for four years. So you really would be starting all over again.

The above also applies to any joint assets or any assets held in your name (if you are married)