Bankruptcy is a legitimate option if you’re struggling with excessive debt and don’t see a way out. Contrary to what many companies would have you believe, it’s not about helping deadbeats get away with not paying their bills.Filing for bankruptcy can help you achieve a new financial beginning. Depending on the type of bankruptcy that you file for, you might be able to eliminate most or all of your debts. However, bankruptcy is not for everyone and there are some things that you should keep in mind.First of all, there are certain types of debts that are not usually eliminated when you declare bankruptcy. For example, Federal taxes and student loans are not usually wiped out with bankruptcy. Also, alimony or child support usually continues even as other debts are erased.You also have to keep in mind the long-term effects on your credit. Granted, if you are in severe financial straits, you probably are not concerned about your credit score for the moment. However, you should keep in mind that bankruptcy will stay on your record for a good 10 years, and this can affect your ability to receive any kind of loan or credit.It’s not impossible to get credit after bankruptcy, and bankruptcy is certainly not the end of your life. As a matter of fact, it is meant to give you a fresh start and a second chance at establishing a solid financial plan. Nevertheless, you may have difficulty for some time because of your bankruptcy history.You also need to keep in mind what has brought you to this point. If lack of self control has caused your debt problems, then you need to straighten this out before you proceed. The last thing you want is to declare bankruptcy, only to end up in similar circumstances a few years down the road. Keep in mind that you cannot keep spending the same way and expect to improve your situation.