How can we possibly tell you that if you don't tell us your situation? You need to elaborate, there are several types of bankruptcy, some fit certain situations better than others.

Http://www.nolo.com/resource.cfm/catID/462A9501-9B 21-4E09-A08C5A7B8AF51A79/213/161/

We would need more info to help, but it should definatly be your last resort. Plus with the new laws you still are accountable for your debts and have to pay them back, but it RUINS your credit for 7-10 years where you won't be able to get a house car, credit card, etc. and if you can you will pay outrageous interest rates which could hurt you for many years to come. It should be a last resort. Good luck.

If there is any other way besides bankruptcy you should explore that first.

It does, it destroys your credit and makes things so much tougher on you afterwords.

If your debt is in credit cards contact Consumer Credit Couseling Services 1-800-355-2227. It is a free service. How it work...you give them a statement from each credit card balance you owe. CCCS has a preset agreement with each credit card company in which they offer a lower apr(around 6% to 9%). This allows you to set a repayment plan of 5yrs for example. So if you have say 5 credit cards then you will have a minimum payment for each and you send the CCCS the total amount of all 5 min payments and they pay the credit card company. The minimum payment will be within your budget. If you miss a payment or pay under the amount required the credit card company can kick you off the plan and you may not be able to get back on another one for a specific amount of time....each company has their own rules. It is a great way to pay down debt if you currently have high aprs causing large finance charges. (The gov states minimum payment must pay at least 1% of the debt each month.) CCCS works with you to set you up for success. If they are not able to keep the payments within your budget then they will let you know. Definately call them if your financial strain is due to credit card debt!