I’ve been practicing Bankruptcy Law and Asset Management for 13 years.  Most folks fall into three camps:
Those that say:
“I wish I had come here 2 years ago.”
“I know there is a good chance I won’t be able to pay my bills in a few months and I don’t know what to do.”
“I only have this one debt and the creditor refuses to work with me.”
It is important to meet with a professional and go over your debts and assets.  Bankruptcy is a last resort.  Often times a negotiation is the way to go as long as you are aware of the consequences and how they may affect you and your specific circumstances. There are several options to explore first but most importantly it is critical to know the law, how to conduct your financial affairs and understand the timing and strategy.  This field of law is usually foreign to most.  When they here what is permitted and what is not, it sound backwards to them.  Seek professional early on.  A professional can sort through your specific facts and advise you on ways to move forward properly.