The cost to file for Chapter 7 can vary widely depending on where you live: $1,500 - $2,000 is a good approximation...After you file you'll have bad credit for 2 years...but you can have good credit again in 3 years out of filing. BK does not destroy your credit rating forever. It stays for 10 years on your credit report.I would visit http://diylegalinfo.com/bankruptcy_Links.html They have a lot of good legal advice on bankruptcy related questions.