What are the pros and cons of filing bankruptcy in my case?

Since each case is different,  you should keep a running tally of the pros and cons of bankruptcy for your particular situation. It might look something like this:

PROS		CONS
I will get relief from creditors harassment		My credit rating will be damaged
I will not have to rob Peter to pay Paul		It may be difficult to buy a car or a home in the future
No more struggling to make minimum payments		I may not have a credit card to use for emergencies, online purchases or for making reservations
I will no longer be burdened with huge interest payments on credit card bills		Bankruptcy may not take care of all my debts, I will still have to struggle to make ends meet
I can start over, live within my means and save for the future

You should consider bankruptcy if:

1. You are being threatened with lawsuits, foreclosure or repossessions.
   
   
2. It is simply not feasible for you to be able to repay your credit card debts within a reasonable amount of time (3 years).
   
   
3. The pressure from creditors is unbearable, perhaps your health or the health of your family is suffering as a result.
   
   
4. Your financial difficulty is interfering with your ability to work, to be a good parent or to attend to your loved ones.

Understand the different bankruptcy options: Chapter 7 or Chapter 13. The chapters refer to different "chapters" of the Bankruptcy Code. (There other chapters as well, Chapter 11 and Chapter 12, but for most individuals they are not relevant.)