I know that you are thinking about it and that you want to use it to clear your debt. Why not read this article and then see what you think? You need to consider a lot of different aspects before opting for bankruptcy, one of which is what it actually means for your creditors and how they might react in such conditions.
What is bankruptcy anyway? Bankruptcy is a way in which you declare yourself unable to pay your debt to the creditors. If the debt is unsecured, your debt is cleared and you don't lose any of your assets. This might seem a very good thing but the truth is that bankruptcy is an expensive process in which you will need to hire a lawyer and go to court hearings so that you can prove you financial state. This will require a lot of paperwork and make for a stressful process overall.
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When you file for bankruptcy you don't give anything to the creditors and they might not be too happy about it. They can sue you and if they win they will get the total debt plus the additional taxes. This can be avoided by contacting them first and see if there is a way to avoid bankruptcy and also to clear your debt. This usually results in a settlement and you will get to pay less and not be forced to file for bankruptcy.
The process that takes advantage best of this thing is debt settlement. There are a great number of specialized companies that will offer their services for a fee and they will negotiate on your behalf. This can end in a reduction of 40-60% and you will be able to pay the rest at lower interest rates, thus avoiding any further financial problems. They agree with such a big reduction because they bankruptcy for them means a bigger loss and they would prefer to let you pay less rather than nothing at all.
The basic line is that you shouldn't file for bankruptcy and just think about all the other options which you have and might prove to be much better.
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