Bankruptcy is appropriate for people who can no longer afford to repay their debts and have little or no assets to protect. Bankruptcy is designed to give people a fresh start in life and for that reason it doesn’t last a life time. Most bankruptcy cases only run for three (3) years.
If you only have minimal assets like a car (worth less than $9,100) or tools of trade (worth less than $4,200) and have no or little equity in a house then bankruptcy could be your best option. If you have assets which exceed these amounts, you may wish to consider an alternative to bankruptcy (like a Debt Agreement or a Personal Insolvency Agreement).
Bankruptcy does have some consequences which we strongly recommend you become familiar with before you make any decision.