But you should first consider other debt management options.Bankruptcy information stays on a credit report for 10 years and can make it difficult to get credit, buy a home, get life insurance, or sometimes get a job.
If you have multiple credit card accounts or loans, debt consolidation through a credit counseling service can help simplify or lower your payments.
Your state Attorney General’s office can help you find out your rights under your state’s law.
If you're unable to pay your creditors, filing for bankruptcy can help you get a fresh start by liquidating your assets to pay off your debts or create a payment plan.
But you should first consult a qualified credit counselor.
You may be able to lower your cost of credit by consolidating your debt through a home equity loan or home equity line of credit.