Bankruptcy: To File Or Not To File

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When is it time to file bankruptcy? I mean how much debt would be considered worthy. I don't know enough about the subject to ask the correct questions. I was hoping to gain some insight here. Once an individual does file, does it take a long time to re-establish credit worthiness? These are just some of the questions I have concerning the matter. Hopefully I can get some viable feedback from the lotters...Thanks!