Filing economic failure can be only answer for you when you fail to settle the debts to the creditors. But it can go go in opposition to you in a lot of ways. You have to consider many factors prior to filing bankruptcy as it can hurt you both publicly and economically.
Following are the drawbacks of filing bankruptcy. So prior to considering bankruptcy collect full information about its drawbacks.
Bankruptcy will not offer you extensive security! If you are filing bankruptcy due to any of the subsequent reasons then the bankruptcy is useless for you. These are some payments which you have to pay in any case and they will not get carried out in any case even in the case of bankruptcy. So make certain that there is a huge reason behind your filing for bankruptcy. Do not file for bankruptcy just because you are not able to settle student loan. Because you will get nothing for that and you need to settle the student loan.
Very importantly, your credit score will get damaged. Bad credit score won't offer you anything. You won't be suitable to acheive loans from creditors and banks; you will not be able to obtain student loan. If your house was sold at the time of bankruptcy therefore you cannot get loan for a new house unless your credit score is good. So try to maintain your credit score good still during the time of financial crisis. With bad credit score you can't open a savings account because banks cannot tolerate risk as you have already filed bankruptcy.
If you realize that you can settle the arrears to the creditors but you have already filed bankruptcy then there is no reverse method. Repaying the arrears to the creditors isn't working to save you from bankruptcy. You must verify all your earnings sources and check if you can pay back the debt. If not, you won?t be able to do a thing once you have filed bankruptcy.