Bankruptcy is an unfortunate event. Although we may feel this whole process as fast and easy but it certainly demands certain tradeoffs. Do think about filing a bankruptcy hundreds of times because you will have to live with the notion of a bankrupt for around 10 years. As filing process begins, civil court gets involved in the proceedings and your financial status becomes public. In case of chapter 13 filings, your employer will too get involved in the process for recovery of the debts from your paychecks in the future.
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In case of chapter 7 filings, you ruin your credits completely. This affects you chances of getting your job elsewhere too besides, you have to build a fresh credit rating so that you may get new loans if required in future. It is important to understand that filing does not make your life easier. In certain types of filings, you may still be obliged to your creditors with some relaxation only. Moreover, the court expenses are no less. For example if you have a total debt of $50,000, an eight percent fees for trustee (i.e. $4000), plus fees for attorney, court, and filing has to be paid.
Other alternative to this problem is to simply walk away. If your credits are less and you have no assets, the creditor cannot demand a partial paycheck amount. It is not a recommended way for anyone as creditors usually record each and every attempt they make to contact you and that is how you can get into trouble if they force a lawsuit against you. Instead, you can talk to your creditor and ask for a new plan for your debts or some relaxation.
Initially, you can consult a lawyer in your locality and discuss about your situation so that you can get the best advice and recommendations.
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