
Whether to file for bankruptcy is a very personal decision. Some people do not have any assets over and above what the law allows them to keep, even if they do not pay their creditors. If this is true of you, then you may not need a bankruptcy in order to protect your assets.
Some people find it helpful to file a bankruptcy case anyway because their financial situation is causing them emotional distress or depression, or because they would like to free themselves of debt now, if legally allowed, and have their income and assets to themselves in the future. Also, some people may find that a bankruptcy is worth filing even if they do lose some of their assets.
If several of the following apply to your situation, you might consider bankruptcy:
People who have had their wages garnished can especially benefit from a bankruptcy because the bankruptcy will stop the garnishment and could potentially help you get some of the garnished money back.
A law passed in 2005 makes it more complicated to file for bankruptcy and to be freed of past debts.
You should seek the advice of competent bankruptcy counsel before deciding whether to file for bankruptcy.