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In addition, a qualified bankruptcy lawyer can talk to you about your financial options besides bankruptcy, some of which you may not even be aware of. Many of those options do not carry the long term negative impact on you that bankruptcy would.

It is a fallacy to think that simply filing for personal bankruptcy will negate all of your debts. For instance, there are some debts which will not be touched by bankruptcy at all. Child support and alimony are two things that you will need to pay, regardless of the bankruptcy that you file. You will also discover that if you make more than a certain amount of money that you will not qualify for complete debt liquidation, as is described in a Chapter 7 bankruptcy. If you make a sufficient amount of money, you may be forced to file a Chapter 13, which means that you will be on a payment plan with regards to your debts. In other words, with Chapter 13, your debts are not erased but simply reorganized, but the point is that those debts still exist. It is not your choice as to whether you file Chapter 7 or Chapter 13, but rather is a matter of the guidelines of the bankruptcy laws.