Filing for bankruptcy is the second most painful and lifechanging experience after the death of a loved one. It can be as painful as going through a divorce. Bankruptcy will hound you for at least ten or fifteen years if not more. You will have problems getting a job, getting a loan, etc.... I myself had contemplated filing for bankruptcy many times. Still now I am head over heels in debts but I have not filed for bankruptcy. If you heed my advice, don't file for bankruptcy. Just follow this link http://www.daveramsey.com/the_truth_about/bankruptcy_3018.html.cfm

and give a few minutes of your life to this article. It will tell you why you should avoid bankruptcy and how.

Lastly, please remember that bankruptcy is not the easy way out. It is the only the last option when all else fails.