Looking for more information? It's good to be as well-informed as you can but it's also important not to wait too long. If your financial situation is becoming desperate, you need to do something now -- before it gets worse. Make no mistake: ignoring financial problems doesn't make them go away.
There are alternatives to bankruptcy. They include:
- Seeking a bail-out Do you have family or friends who could help you out?
- Debt counseling/consolidation Be careful, the water's full of sharks! Read our Debt Counseling section carefully before you take this path.
- Drastic lifestyle changes Can you sell your house, cars, boats, horses, fur coats and so forth to raise enough money to pay off your debts? Don't laugh. Many consumers with very significant assets find themselves in big financial trouble.
For consumers who have been devastated by illness, injury or job loss, bankruptcy is often the best option. Feelings of shame or embarrassment shouldn't enter into it. Big business looks out for itself; you should do the same.