A person who files bankruptcy is no longer obligated to those debts that he filed for and now has a new beginning financially. But that should not give a sense of total freedom because bankruptcy does not always keep those creditors from your door if you had secured debts. The new law regarding bankruptcy has made it harder for people to take this route that some saw a convenient.
There are alternatives and one is no action at all. If you really have no money or income, there really is nothing your creditors can take from you especially if you have no property to seize. You can also try to negotiate with hour creditors and maybe buy yourself some time to rebuild your finances. Creditors understand that getting something from you is better than getting nothing is you do file.
You could draw up a plan of payment and submit it to your creditors. You might be able to reach an agreement for making small payments maybe of five years. Bankruptcy can be an emotional path to take and create a mental burden on you. Avoiding this in the first place is the way to go.
