Many people who owe money consider filing for bankruptcy. Bankruptcy can give people with lots of debt a fresh start. Chapter 7 bankruptcy eliminates qualifying debts and the person does not have to make additional payments to creditors. Chapter 13 bankruptcy consolidates and reorganizes a person’s debt and the person must pay the bankruptcy trustee, who then pays creditors a percentage of what they were owed. Bankruptcy is not always the best option for people who owe money, and can only be used once every 8 years. Before filing for bankruptcy, a person should try to get advice from a bankruptcy specialist.