Sometimes is Chapter 7 Bankruptcy a good idea?

I am going through a divorce and it will be finalized next month. I am $42,000.00 in debt and even debt settlement would be expensive because I owe $4,000 to the bank and $5,500 to my parents- which I plan on paying back. Would Chapter 7 bankruptcy be a good idea because I don't have anything of value really and they can't garnish my wages- I have a VA compensation from the military.