The decision to file bankruptcy is a decision that only you can make. There are a handful of reasons a person files for bankruptcy: for instance unemployment, unanticipated medical bills, large credit card debt etc. Chapter 7 bankruptcy accounts for almost two-thirds of all bankruptcy filings. Filing bankruptcy will immediately get your creditors off your back. And, with some cases - like Chapter 7, most debts are able to be discharged. Chapter 7 is a straight or liquidation bankruptcy, meaning the debtor's nonexempt property is sold to pay creditors. Some debts like child support, taxes, housing mortgages, car loans and student loans are not discharged in accordance with Chapter 7 bankruptcy law. After you have filed bankruptcy and the case is closed you virtually have a clean slate.
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