Bankruptcy will eliminate your debt, however, in the end the price is high. Bankruptcy will stay on your credit report as a major infraction for 7-10 years. In addition, most credit applications, especially mortgage applications ask, have you EVER filed bankruptcy. Most importantly, you can be denied virtually any type of credit with a bankruptcy on your report. In addition, since the bankruptcy laws have changed recently, it is even more difficult to qualify for Chapter 7, the method of liquidating assets to eliminate your debt. Therefore, you are obligated to notify them of the bankruptcy even if it is off your credit report. Bankruptcy is also part of your public record. Any background check for employment or other purposes will uncover that you have filed for bankruptcy. This could affect your ability to find a job, especially in financial services. It may be inevitable in certain situations to file for bankruptcy. Call us for a consultation to learn about alternative options to help you.