Bankruptcy is not a cure all for everyone.
First, bankruptcy cannot support you in the future, so if nothing has changed from what brought you to this financial situation, a bankruptcy will not help over the long term. Bankruptcy only works in conjunction with a long term plan to succeed.
Second, bankruptcy will not eliminate many obligations, notably those arising from student loans, recent tax obligations, governmental fines, and those arising from fraud or theft. Sometimes it can help indirectly, as eliminating substantial credit card and/or medical debt might free up your paycheck to pay the taxes or student loans.
Third, bankruptcy is often not a good choice for those with substantial assets, as the law requires that assets other than those considered essential to the debtor (some equity in a home, some equity in a motor vehicle, typical retirement assets, and normal home furnishings are the most typical) be liquidated to allow the discharge of debts.
Fourth, high income-earners are denied the opportunity to discharge debts without making payments on at least a portion of the debts over a period of time.
However, for many who simply do not have the income to meet their current debt obligations, bankruptcy is the best answer.
The first step is a frank discussion of your current situation, and determination of whether bankruptcy is the best option for you. If not, we will discuss how to improve your situation another way.
If bankruptcy is the answer, we will discuss what steps need to be taken to put us in a position to file the petition for you, and how the petition will (1) Damage your credit (but allow you to start rebuilding it); (2) Discharge your debts; (3) Affect your assets; and (4) Change your monthly budget.
Either way, you will leave the consultation with a solid plan for improving your financial future.