Bankruptcy can give you a fresh start by erasing much of your debt (under a Chapter 7 liquidation) or giving you the breathing room to pay it off over five years (under a Chapter 13 repayment plan). But it’s not for everyone. You probably can’t -- or shouldn’t -- file if:

• You have little income and no assets. You are "judgment proof"; there's nothing for creditors to take.

• You have filed a bankruptcy case within the past two to eight years. You cannot file a Chapter 7 until eight years have passed from a previous filing. You cannot file Chapter 13 for two years after a previous Chapter 13 or four years after a previous Chapter 7.

• Your debt is mainly student loans, recent taxes or child support. These debts typically cannot be discharged through bankruptcy.

• You transferred significant money, assets or property to someone else within the past four years. These are a red flag signaling for bankruptcy trustees and may cause a bankruptcy court to reject your filing.

• You’ve run up big credit card bills for luxuries in recent months. Bankruptcy law presumes fraud if cash advances over $750 were made during the 70 days preceding a filing, or "luxury" purchases totaling more than $500 during the 90 days before a filing.

• You co-signed a loan with someone and don’t want to stick them with the debt. Your co-signer is legally responsible for repayment of your debt if you can't pay it.

That said, many people who could benefit from bankruptcy put it off for too long as they struggle to pay impossible debts. The following quiz can give you an idea of whether bankruptcy might be an option for you. If so, consult a bankruptcy attorney.

--  Liz Pulliam Weston