Bankruptcy is sometimes something people need to help them get their finances back in order. Unfortunately, bankruptcy has a bad reputation. It's seen as the ultimate sign that a person was bad with money. The reality is that many people end up struggling as a result of injuries, the loss of jobs or unexpected debt. Many times, a person's ability to be "good with money" has nothing to do with the bankruptcy at all.
If you plan to file for bankruptcy, you should look into it as soon as possible. There is no reason to wait, as waiting longer will just add more fees to bills and more stress to your situation.
Some may ask if bankruptcy is really the right choice for them. You can tell if it's right for you by looking at a few factors.
First, are you able to pay off your creditors in the next two years? If you can, then it probably isn't worth going through bankruptcy. Bankruptcy stays on your record seven years. Once you go through bankruptcy, your credit score takes two years to repair itself. If you can afford to go without bankruptcy impacting your credit, then that's something to consider.
Bankruptcy is an expense, so you have to look at if the expense is worth it. Attorney fees can be thousands of dollars, increased insurance rates may kick in and you'll have filing fees to pay. However, if you have thousands of dollars in debt you can't pay back, this may be a fair trade to consider for getting you out of debt.