Bankruptcy should be your last resort. If your debts are feeling out of control, get in touch with a credit counselor and discuss enrolling in a debt management program first. If that doesn’t work, you can explore other strategies, like debt consolidation, settlement, or refinancing. Though bankruptcy can wipe many of your debts clean, it can seriously impact your financial options for many years to come (up to a decade). It could even make it hard to buy a house or secure a rental, so consider it only after you’ve exhausted all other options.