Do a budget analysis. Doing a budget analysis can help you determine whether you will be able to pay your bills after a bankruptcy proceeding. You need to calculate ongoing expenses and income to determine whether a bankruptcy proceeding will solve your debt problem or if the problem will continue. Consider the effect of bankruptcy on your spouse. Consider alternatives to bankruptcy.
Bankruptcy is only one way to deal with overwhelming debt.
There are other steps you can take to reduce your debt that don't involve filing for bankruptcy. In deciding whether to file a bankruptcy case, several other factors must be considered. For many, though, there is the prospect of medical bills or other continuing financial problems that will result in greater debt. There is also a slight possibility of a motor vehicle accident or other incident creating a large liability. Some debtors have only a few debts and have strong defenses against them.