Jurisdictions allow individuals to declare their bankruptcy through a procedure called personal bankruptcy. That simply means that you cannot afford to pay your debts any longer and requires removal of any such obligation by giving up control of your financial assets. You can either do it through a debtors’ petition (doing it yourself) or through a creditors’ petition (someone who you owe money can do so).
personal bankruptcy credit card debt
Some people might think of filing bankruptcy as an easy way out. But it is not the case. Your focus should be to eliminate credit card debt without filing bankruptcy; simply because bankruptcy can lead to loss of self-esteem besides spoiling your credit score and making it almost impossible to get a loan for several years.