Yes. You are eliminating tens of thousands maybe even hundreds of thousands of dollars of debt; it doesn’t come for free. Anyone claiming otherwise is lying. If you are already behind on your bills, your credit is already bad; bankruptcy will probably not make things any worse. The fact that you’ve filed a bankruptcy can appear on your credit record for eight years. But since bankruptcy wipes out your old debts, you are likely to be in a better position to pay your current bills and you can get credit immediately after filing (although fees and interest will be higher).