Bankruptcy is an optimal tool to fix debt. Whether you are completely eliminating your debt and consolidating your debt, bankruptcy repairs problems with your finances. Do not believe that myth that filing bankruptcy will ruin your credit for 10 years. This is simply NOT true. Once you have taken control over your debt and either eliminated the debt, through a chapter 7, or put it into a manageable payment plan, through a chapter 13, then you can begin the process of rebuilding your credit. Your financial future will likely be clearer sooner after filing bankruptcy as opposed to doing nothing to fix debt. It is not the bankruptcy filing that will ruin your credit for 10 years. Only your financial behavior will affect your credit for the next 10 years.