It all really depends on your particular facts and circumstances, but I'll tell you this, for most people, it's a great idea. It just lifts a huge weight off of your shoulders.
I recommend you consult a local bankruptcy attorney to see what your options are. He'll be able to tell the the pros/cons.
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You've asked a very complicated question, beyond the scope of this forum. Generally, your assets and liabilities are disclosed to the court, and if you have any assets that are non-exempt, they are surrendered to your creditors. If there are no non-exempt assets, then you are only talking about the eliminate of liability for your debts (most of them). You need to schedule an initial consultation with a bankruptcy attorney in your area - they should not charge for that meeting.
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I've written an overview of bankruptcy which you can get by following the link below. You really need to schedule a consultation with a local bankruptcy attorney so he or she can go over your financial situation.