Any person in their right mind does not want to file for bankruptcy protection. Having a root canal is several levels about that in terms of "things I want to do". One of the big problems is that when someone finally gets around to admitting that their financial situation is so far down the wrong road that it is out of control, it's almost too late. The decision to file bankruptcy or consider bankruptcy should have been made, with any foresight at all, at least 2-3 years earlier in most cases.
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Sometimes the financial burden may have come about very suddenly, like a major medical expense that was not unexpected, or a job layoff with trouble finding a replacement job for an extended period of time.
There is no hard and fast rule about when a person should file bankruptcy. It varies from individual to individual, and every situation has its own specific quirks, so that one can say definitely that "one size does not fit all". But one of the problems that happens when one starts looking to bankruptcy as a way out of their financial difficulties is that very traditional thinking starts to set in.
Traditional thinking about bankruptcy says that bankruptcy is an "easy way out" of one's financial difficulties and overloaded burden of debt. You just file, the slate is wiped clean, and then life goes on, right? Dead wrong, especially with the new bankruptcy laws, which still vary widely from state to state. The new bankruptcy laws make it much more difficult to file for bankruptcy than it ever was in past years, and it is no longer just a quick trip to the courthouse with a couple signatures.
Today's bankruptcy laws make filing bankruptcy a much more invasive procedure, where they look at every nook and cranny of your life and your finances to determine why this happened and what type of bankruptcy you are required to file. Bankruptcy used to be something that you could, with a good deal of study and patience, do yourself without the assistance of a bankruptcy lawyer, but that is no longer the case. The laws are now so complex that attempting bankruptcy without an attorney's help would be foolish, as well as probably taking almost twice as long to accomplish, since if you incorrectly file one of the mountain of forms, you get sent back to square zero to start from scratch.
But is bankruptcy really necessary? In other words, what alternatives and options have you thoroughly looked into? Oh, you haven't? Shame on you. Filing for bankruptcy protection is going to have long lasting negative effects on you. For example, it will appear as a huge red flag on your credit report for 7 years or more. Credit will be hard to come by, and when you are granted credit, the interest rate will be much higher than you have ever seen it before, because now you are labeled as a high credit risk.
One of the very viable bankruptcy alternatives is a debt consolidation loan. They don't actually hand the money to you though. Rather, they take your outstanding and overdue accounts, and you pay one monthly payment to them, which they in turn divide up to send to your creditors. Your creditors are happier than they've been in years because now timely payments are being made, and you credit rating does not hit the skids, at least not completely, because you were able to avoid bankruptcy.
Check your alternatives and options before making such a critically important decision as filing for bankruptcy. You always have options, and the key to successful living is to acquire the knack for choosing the right one.
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