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Bankruptcy is embarrassing and it’s the decision of the individual whether to file bankruptcy when broke. Here are some of the pros and cons of filing bankruptcy 

Pros 
1.You have to make only one payment per month 
2.When you declare bankruptcy, a stay of proceedings shall take effect, which provides you immediate protection against the majority of creditors. 
3.Filing bankruptcy stops most of your wages garnishments. It does not stop the garnishment of your wages by the Family Responsibility Office 
4.Your realisable assets of value might not be sold until immediately or not until after the discharge of the bankrupts. 
5.You are able to obtain new lines of credit within one to three years of filing bankruptcy, although at a much higher interest rate. 
Cons 
1.Some debts remain, including: alimony, child support for children, the debts arising from fraud, fines imposed by a court and the debts or obligations for student loans when the bankruptcy occurs while the debtor is still in school or within ten years after the end of the bankrupt's studies. 
2.The bankruptcy will negatively affect your credit rating for six or seven years. 
3.The debtor might not hold positions of any pension fund or hold office of any charity. 
4.The rights of the secured creditors are not affected by bankruptcy.

Visit BLC San Diego portal for more.