I have been considering declaring bankruptcy. Pros and cons?

I am currently thinking about bankruptcy. Is this a good way to get out of debt? I know the laws have recently changed, I live in Colorado. How exactly does it work, as far as creditors and my credit report?
Update: I am considering declaring bankruptcy. I am only 21 and am in debt more than $25,000. How does it affect your ability for credit ratings in the future? How much will it cost to do it? I know the laws have recently changed making it more difficult, I live in Colorado, and I don't know how that affects the rules.
Update 2: I am considering declaring bankruptcy. I am only 21 and am in debt more than $25,000. How does it affect your ability for credit ratings in the future? How much will it cost to do it? I know the laws have recently changed making it more difficult, I live in Colorado, and I don't know how that affects the rules.
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