Warning: Always consult a financial advisor before going bankrupt, as there are serious consequences that you need to understand, including the possibility that any money or property you receive (for example. B, inherit or win) while you are bankrupt will be taken to repay your debts. A financial advisor can also help you negotiate an informal agreement and avoid bankruptcy or debt agreement! Bankruptcy is the formal process of declaring that you are unable to pay your debts. Your joint debts or debts must be included in your debt contract. However, the co-borrower remains responsible for the entire debt. If you go bankrupt, you don`t have to pay most of the debts you owe. Debt collection agencies stop contacting you. But it can severely affect your chances of borrowing money in the future.