Nobody really wants to file for bankruptcy -- we'd all rather have the financial means to pay our debts. But for those who've suffered unemployment, a medical emergency, or other financial hardship, bankruptcy can keep your debt from spiraling out of control.
Bankruptcy is not a Get Out of Debt Free Card, and it's not exactly a bailout, either. So what is bankruptcy, how does it work, and should you file? Here are seven things to know first: