Usually when an individual wants to go bankrupt the other positive aspect is that they are able to look forward to a totally fresh financial start. Most people are embarrassed by having to take this type of action, but in many cases the debt is so overwhelming there is just no other solution.
First it has to be determined which chapter of bankruptcy you would be eligible for. You need to look at your financial situation to determine if the predicament you are in now is going to be ongoing or is it a temporary situation. For example, if you were able to handle your debt load because you had a good paying job, then you lost it, will your financial situation change if you were to go back to work? Or, is your situation as such that it is not likely to change in the near future and there is no way foreseeable that could change the circumstances.
If the latter is applicable to you then a Chapter 7 bankruptcy may be your best course of action. This form of bankruptcy should be able to wipe out the majority of your unsecured debts (like credit cards and medical bills) although there are some that are exempt. Some of these are student loans, recent taxes and child support in addition to some less common debts.
Your Houston bankruptcy lawyer will be able to give you a clear picture as to how each of your debts would be handled in your bankruptcy. If you suspect that you may have some non clearable debts it doesn’t mean that you still shouldn’t consider going bankrupt. By wiping out all of the other debts it will probably leave you in a much better financial position to deal with the ones that are left.