While this is certainly an option, you should know that the procedure is more difficult than you may think. You'll have to go through a legal process in which a judge will examine your finances (with your creditors looking over his or her shoulder). It's also easy to forget the legal fees involved. After all, you'll need an attorney to help you file for bankruptcy, and this is just one more expense on top of your already overwhelming debt.
Besides the stress of going through the process itself, you should be aware of the long-term ramifications of filing for bankruptcy. You'll likely have an extremely difficult time getting a home loan, and you will no longer have the luxury of using credit cards. Some of these restrictions can last for a decade, and you will need to work diligently to improve your credit score. This may be a good thing, since it will help you develop discipline and change your spending habits.
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However, it is certainly not an easy process to go through. Some debts, such as student loans and back taxes, may not be eliminated through the bankruptcy process. You may even have to surrender some of your assets to help cover your outstanding debts.
On the plus side, bankruptcy can help stop debt collectors from ruining your life and stealing your sanity. Bankruptcy can help prevent your wages from being garnished and protect your home from foreclosure.
You may indeed find yourself in such a tough situation that bankruptcy is the only way out. However, before you take the plunge, make sure you do your research and speak to a competent attorney.
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