It has become the last resort for many and since they passed the new laws you could still end up paying for alot of your debts. They, the politicians and other money laundriers, have set up the new laws so that the creditor comes out better then the debtor. First, you have to pay so much to file for bankrupcy. This amount is determined by how much you owe. Then, depending what the debts are, the court will judge what you owe against what you have. They let you keep some stuff so you can still live but anything else of value is going to the auction block, the creditors. IF the creditors do not get enough from your stuff then you will still owe the differance. NOT a good deal. In better words, if you are down and out then the creditors are going to keep you down and out. That is the new LAW and it isn’t made for you the debtor, but for them, the Creditors. There is two things to be very careful when dealing with money. Watch out for the money changers and the lawyers. That is BIBLICAL! Better off just packing up and walking away from the whole debts. Hope you know that a FEDERAL RESERVE NOTE is not money. It is a promise to pay that pays nothing so really YOU never owed anything in the first place.