Perhaps the most important fact to keep in mind when you consider a bankruptcy is the effect a bankruptcy will have on your future credit rating. Government agencies may not discriminate against an individual solely on account of a prior bankruptcy. And many lenders will consider applications soon after discharge. But in general, you should assume that it may be difficult to obtain credit, especially during the first two years after your case is finished. Another factor to consider is the emotional aspect.
Some people feel that bankruptcy is something to avoid at all costs.
My own view is that bankruptcy is appropriate only when there is really no other reasonable alternative. If there is a way to pay your debts back, by all means do so. However, bankruptcy is an appropriate and legal response to those situations when there is no better alternative. There is no minimum amount of debt required in the bankruptcy laws. Some people who do not owe very much will need to file a bankruptcy because their income simply does not permit them to pay it.