Is bankruptcy the only solution to come out of the debts if a person is suffering from financial crisis?

NO - bankruptcy should be your last resort, unless you are young enough to be able to rebuild your credit standing. Even then, I would look for ANY OTHER alternative to get yourself out of deep water. I had a similar crisis when I was in my late 30's and it took me 12 years to finally rebuild and get my credit established again, but I'm glad I just dug in and chipped away at it. If your debt is mostly credit cards, cut them up, but leave the account open. As you pay it down, your credit improves by having "available" credit.

Bankruptcy shouuld be a last resort, as the financial implications it has is great. Where are you currently located?? As various countries have different bankruptcy laws.

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Bankruptcy Law

Bankruptcy isn't your problem, it's a temporary solution to your bigger problem. Prosperity comes from living frugally on 90% of your income and investing the other 10%.

I don't know your situation, but cutting your lifestyle to the bone and getting a second job to pay off your debts, will start you down the path of financial freedom.

Here's the steps you take to get there:

Tight budget
Sell stuff
Second job
Reduce living expenses to bare minimum.
Get current on existing bills first.
Save an 1000 emergency fund.
List debts from smallest to largest
Put all extra money toward smallest debt and payoff.
Repeat process through all debts.
After debt free, save EF to 3 to 6 months expenses. (5k to 10k)
Then invest 10% to 15% of income into Growth stock Mutual Funds with a track record of 10% or more for 10 years or longer.

If you dedicate yourself to this process, you will achieve Prosperity.

If you are looking for another option, please call 888 828 1022. We specialize in helping people get out of UNSECURED debt by either lowering their interest rates so they can pay things off quicker or settle their debts so that they can get of out debt all together.