Bankruptcy may not be the end of the world, but it is a serious step which requires some serious thought before making the decision. You should never dive headfirst without considering the consequences of declaring bankruptcy, so no matter how desperate the situation may appear you should take a moment to consider all of your options.
Before declaring bankruptcy, you should take a good look at your current financial situation and determine exactly where you stand at this moment. Get all of your bills together, and add up the damage so to speak. It may be scary to think about these details, but it's important to face the music. If you don't know where you're beginning, how can you expect to reach your desired destination?
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Do some basic arithmetic and determine how bad things really are. Write down your total amount of debt, as well as your monthly payments and interest rates. Compare this to your monthly income and get to work on setting up a budget. Start looking for ways to cut back and see if there's any way of redirecting funds to cover your debt obligations.
Depending on your current work situation (and other obligations such as family responsibilities as well as your overall health), you may want to look into getting a second job. Even a relatively low paying part time job can help bring in some extra income and cover some of your expenses. Believe it or not, this can bring down your debt considerably faster than you may have imagined.
Of course, sometimes these simple solutions are not good enough. Bringing in extra income, cutting done your expenses, or negotiating with your creditors doesn't work if your situation is severe enough. The bottom line is that you should be able to pay off all of your debts as long as you make reasonable sacrifices (we're not talking about starving yourself of course). If you just can't see yourself getting above water during the next few years, then bankruptcy may be the only option.
Like we said before, that wouldn't be the end of the world, but it's not exactly a cakewalk either. Make sure to get some good advice from a bankruptcy lawyer, and in the meantime check out more articles like this one to get a good idea of what to expect if you decide to declare personal bankruptcy.
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