The number of Americans filing for individual bankruptcy continues to climb. Filings for Chapter 7 bankruptcy — the most common kind — were up 14% in April, according to Epiq, a firm that tracks bankruptcy cases. If you're part of the growing share of consumers who are falling behind on their debt and you're considering bankruptcy, it's important that you understand the move can hurt your credit and limit borrowing options for years to come. But for some borrowers, it's a necessary fresh start.