Most people have the habit of rushing into things when they can't find a solution to their problems.
This usually makes their problem even worse than before.
This is also the condition of people who suddenly find out that they are reeling under debt.
such a revelation makes them think about the worst things that they have ever heard about.
Bankruptcy starts to be thought about and learnt about.
But people must realize that bankruptcy is never the best option and should not be used until the worst of situations.
You should instead try looking for some much better debt options like debt settlement, debt consolidation, credit counseling.
No doubt you would not be having full knowledge about all these options and must be skeptical but try to learn more about them.
You can use the web services which are a huge source of information or try government free debt counseling session in order to know more about these options and how to implement them.
All these options are based on negotiations with your creditors regarding your debt.
In such a negotiation process you can explain your financial inability to pay back the whole amount and hence ask for reductions.
Since the creditors are equally tense about their money, you are most likely to get a good deal with reduction in your rate of interest or up to 50% reduction in amount.
Moreover it would be easier to get a good debt consolidation firm to help you with the negotiations and hence debt consolidation would be a lot less trouble than bankruptcy in which you would have to cough up a lot of money to your lawyers.
Therefore weigh up your options well before filing for bankruptcy and ruining your finances further.