The kind of circumstances that can lead to it being necessary for you to end up filing for bankruptcy are really dire, but in spite of the fact that this is the case there is going to be a light at the end of the tunnel. It is important to note that while you are definitely going to have to sell off a lot of your assets in order to have enough liquid funds to start making payments, you can still come out the other side ready to start an amazing new life at the end of the day.
We would like to give you a tip if you are looking for a legal way to declare bankruptcy, and this tip is that you should never liquidate all of your assets in the process. If you own a house and a car, try to liquidate one or the other but not both. For the most part, this much liquidation is neither necessary nor helpful if you are attempting to file for bankruptcy, and it would do you no good to get rid of all of the things that you have which are helping you live a decent enough life.
Keeping some of your assets means that you would have at least some way in which you can go about structuring your life around a much more responsible process of financial planning. Giving everything to the bank means that you would truly end up struggling in your life, and this can lead to a lot of other problems as well all of which compound the misery that can often come with bankruptcy proceedings. Your lawyer will probably give you similar advice too all in all.