Going bankrupt is not something that you should jump into quickly. You want to give it a great deal of thought and think about what other options may be available to you. At the same time it is a resource that you want to consider if you are in a tight financial situation.
You really need to take a close look at your finances to see if the situation dictates bankruptcy relief. You want to look at the total amount of your debt and see if it's amounting to more than what you are earning any year.
Perhaps you have some savings put aside and you want to consider whether using the savings to pay off your debt would be the right option for you. This is not always the case, and is something that you want to think about seriously as all of your savings could get used and may not the total relief that bankruptcy may be able to do.
You also need to consider your circumstance at the moment financially and whether it seems that there is not going to be any change in the future. For example, you may have lost your job and this has led you to a point where you can't handle your debt at the moment, but maybe something is going to change in the near future.
You also need to know whether you were going to qualify for a Chapter 7 or Chapter 13 bankruptcy and how of these are going to work to help you get back on your financial feet. What you can do to help you with your decision making is have a consultation with a qualified and experienced Louisville bankruptcy lawyer. This professional will be able to tell you the potential benefits that going bankrupt will offer you or may even suggest that bankruptcy is not the best route for you to go.