Out of ignorance or stupidity, a growing number of folks seem to be using bankruptcy as an initial option, instead of a last resort. Before you do it, make sure you've thought about every single alternative.
Restructure Your Company
Go on and buy a shell company. It'll help you save income that you simply can put towards your debt. Consult a professional by searching: company go public and buy shell company.
Work More
When you can get extra hours, do it. Being bankrupt is certainly an indignity that you ought to at least attempt going to your boss and asking for a pay rise or promotion. After all, the worst they can do is say no.
They are going to find out about it anyway when you declare bankruptcy, and they might wonder why you didn't come and ask for their help. Also, if you are married and only one of you works, make an effort to get the other a job. You never know, it might even be fun!
Use the Power of Threats
One of the greatest things to do when you are considering bankruptcy is to write a letter to absolutely every person that you owe money to, letting them know. Make it a very clear threat: "If I cannot find a way of paying my financial obligations then I might be forced to file for bankruptcy".
Most lenders would rather let you pay back a little portion of what you owe than have to attempt to get money out of somebody who is bankrupt.
Know Your Neighborhood Laws
Bankruptcy laws and regulations vary significantly based on where you are. You can find some places where you'll be forced to give up everything you own to pay your creditors, some locations where you at least get to keep your home, and some where you can declare yourself bankrupt and not even notice!
Attempt to get legal counsel. You might think that you can't afford one, but many will work 'pro bono' (for free) for folks who seriously need an attorney, but can't pay.
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There are rich people, with no problems with money and have everything they need. There are poor people, without money, who have nothing. Then there are those who have things but are drowning in debt. If you are one of the latter, maybe we can help.
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