For most people this is considered a last resort option. It can appear on your credit report for up to 10 years. Bankruptcy is also a matter of public record for anyone to see for the rest of your life. You also must be aware that filing for bankruptcy means you will have to file in court, plus certain types of bankruptcies require a court-appointed trustee to control and oversee your estate. The 2005 Bankruptcy Act made changes in the law that have made it very difficult for most Americans to totally wipe out their debts; which means in many cases you may be setup in a repayment plan determined by the courts, which could be up to 60 months.
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