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Is it a good idea to file for bankruptcy?

Filing for bankruptcy depends on your individual situation and your personal circumstances. Some people simply file for bankruptcy in order to hold onto their assets (like their house or car), while those with no assets often file for bankruptcy because their financial situation necessitates it in order to stay out of emotional and financial distress. Bankruptcy is a better option for those whose debts are primarily unsecured (credit cards), whose debts amount to more than can be paid in five years time, are being hassled by collection agencies at home or at work, and who are unable to pay your taxes, generate savings, or avoid property repossession. If your wages are being garnished, bankruptcy is an extra help, because it stops garnishment (except for in cases of alimony, child support, or back tax payments).