Despite the booming economy, more people than ever are finding themselves further in debt than they can manage. There are a lot of reasons it happens...job loss, illness, unexpected expenses, a divorce, as well as irresponsible spending habits. Declaring bankruptcy is a way to get out from under those debts. It is based on the idea of forgiveness, not retribution. But it's also something that shouldn't be taken lightly. The following two web sites give some good basic information, but it's important to find out the specifics for your state. If you are considering bankruptcy, then consult a GOOD bankruptcy lawyer.
Bankruptcy Information
Bankruptcy FAQ
Basic Bankruptcy Information