Deciding to file a bankruptcy case is a big decision; however, for many it is the best alternative to their financial problems.  If your income is not sufficient to pay your basic living needs and pay your debts, you may qualify to file for relief under Chapter 7 of the Bankruptcy Code.  The main benefits are the filing of the bankruptcy case stops all collection actions and you can discharge most, if not all, of your unsecured debt.

For more pros of filing a Chapter 7 bankruptcy, and a few of the disadvantages to consider before filing, read, “Pros and Cons of Declaring Bankruptcy under Chapter 7.”