When dealing with a difficult financial crisis bankruptcy is often times a good option. However, because bankruptcy is such a powerful financial tool and can only be utilized every so often the decision to file bankruptcy should be well informed. A bankruptcy attorney is the best resource to become informed as to your debt relief options and how a bankruptcy may or may not help you.
As a bankruptcy attorney I use the free consultation process to assess a person's (or corporation's) financial situation and advise them as to how a bankruptcy would play out. The bankruptcy process is extremely complicated and has many layers. In fact, just deciding which chapter of bankruptcy (7, 11, 12, 13 or 9) can be a complex decision with many positive and/or negative attributes.
Certain bankruptcies are designed to help a person or company to reorganize their liabilities all the while maintaining their business or financial affairs. Other types of bankruptcy can be a liquidation solution. Only a detailed assessment of the person's (or corporation's) financials will shed light on whether the power of a bankruptcy is the proper solution.