Over 1.5 million people filed for bankruptcy in Federal Courts across the United States in 2010. There is no longer stigma attached to filing for bankruptcy and the consequences are manageable too. However, you should let experienced attorneys from Naples, FL, handle your case to gain the benefits that bankruptcy offers. Bankruptcy defines the legal status of a person or an organization that can no longer repay its creditors. It is always better to file for bankruptcy before a petition is made against the business or an individual debtor.