The following is a list of Pros and Cons of filing bankruptcy:
1. Eliminate debt or minimize/reorganize debt
2. Stop all collection activity, including lawsuits, liens, judgments, phone calls, letters, harassment, etc...
3. Stop foreclosure
4. Stop repossession
5. Release bank liens/seizures
6. When working with a good bankruptcy law firm, its a simple easy process
7. Keep your home, car, property, bank accounts
8. Bankruptcy can be affordable. If you use the right law firm.
9. Your credit can improve, and within two years of filing you may have perfect credit.
10. Free initial consultations.
1. Not all debt may be discharged, such as student loans and criminal fines.
2. It will be on your credit report for 7 to 10 years, but that does not mean you cannot get credit, see #9 of the pros.
3. You can only file once every several years.
4. Finding a great bankruptcy lawyer may be hard.
In conclusion, the pros of filing bankruptcy outweigh the cons.
None of the above is guaranteed for all cases and this is not legal advice on bankruptcy. Every case is different. Some pros and some cons may not apply to your case.