There are lots of different reasons why people want and need to go bankrupt. One of the biggest factors is to find some kind of relief from having to deal with the creditors. Some individuals have several debts that they are trying to deal with while others have only a few but they are major ones. It is important to think carefully about going bankrupt. It is an important step but may be the right one for you in helping you to get a fresh start financially.
Making the decision is going to depend on your specific financial circumstances. If you are dealing with just one major debt then you need to look at your options. If the creditor has started a judgement against you it also depends on whether this is a secured unsecured debt that you are dealing with. If it’s a credit card debt then it is probably a unsecured debt. You may have an option to vacate the judgement, try to settle with the creditor, or file for a Chapter 7 Bankruptcy.
You should first speak with a qualified Fort Worth bankruptcy attorney before taking any kind of action. If you decide to settle with the creditor it is still going to have an effect on your credit rating. However, you may be able to negotiate terms where the creditor agrees to vacate the judgement.
Filing for bankruptcy is still going to affect your credit rating, however most likely you will not have to pay any money to the creditor.