I found some great general knowledge that helps explain bankruptcy better than I might do. This is a great time to remind everyone that I am not an attorney so your best bet is to seek the advice of an attorney who specializes in your area of need. Check out the website http://www.hoglundlaw.com then click on bankruptcy.
Bankruptcy is not something that you would want to take lightly however in some cases this is the best option. Again, your lawyer will be able to make sure that this is the best choice for you.