Educate yourself on all your options before you do anything drastic, like filing for bankruptcy. Talk to a few debt consultants and financial advisors to get an idea of all your options. Do online research and check the library for self help financial books. Get your own credit report and score so you know what you need to do to improve your financial situation. When you are prepared with as much knowledge as you can get, then make a decision. It is possible that bankruptcy is the best option for you, but make sure you know all the pros and cons before you make the decision.