Declaring bankruptcy is a pretty extreme measure, but used in the right way at the right time, it can save you money, preserve your peace of mind, and get you back on your feet financially.
However, declaring bankruptcy can also be expensive and time-consuming, and have a huge impact on your credit store. This, in turn, can have far-ranging effects on other aspects of your life, such as buying a new car or home, or even applying for jobs. Also, waiting to declare bankruptcy until you are completely broke can actually work against you.
Consider Alternatives to Bankruptcy