Personal bankruptcy should be the last resort you take if you are in insolvency. The reason for this is that it takes years to work its way off of your credit report and new changes in laws have made it far more difficult to escape paying your debts. This means that you can have a bankruptcy on your credit report and still be stuck paying some of your debts.
You need to consider all of your options and there may be some that you haven’t yet considered. If you are employed in a business that has slowed down due to the recession such as construction or car sales than maybe you should consider finding a new job to tide you over until the economy picks up.
If you have a partner who is living with you, and isn’t contributing as much to household expenses as they should be then consider dumping them. If you are a young attractive female you can always find a fat ugly older man with money and while this might sound drastic, it is something that many a young gold digger has done with great success.
The same holds true for a handsome virile younger man, because there are plenty of financially secure older divorcees that would be willing to help out if one plays his cards right. The most important thing to do though is to get in touch with a professional credit councilor that has experience in dealing with people in your situation.
You can get out of your financial troubles without filing for bankruptcy but you are going to have to do things different from the way you have been doing them in the past. If you are gambling, doping or drinking off large amounts of money then you need to get yourself into counseling, because as long as you are doing it you are going to be in financial trouble.