I think the first step of filing bankruptcy is evaluating pros and cons of it.
Bankruptcy has pros such as;
-Most or all of your debts could be wiped out and letting you start over fresh if you are filing chapter 7 bankruptcy.
-You will able to keep your personnel assets.
-From a chapter 13 bankruptcy could save your home from foreclosure.
Bankruptcy has crons such as;
-Your credit score will be lower. It will effect if you are getting a loan, mortgage,etc.
-Trust on your business will be highly effected.
There are more pros and cons. So think a lot and get an advice from a highly professional and talented lawyer.
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