A look at the financial papers or the business news today confirms the same thing: more and more people are filing for bankruptcy when debt reduction, consolidation strategies fail.
 Sometimes, though, the lack of financial acumen that got them into their current state of financial woe, gets them into even more trouble when the issue of bankruptcy filing comes up.
 Filing for bankruptcy should only be undertaken as a last resort, and the implications of a filing should be understood before anyone takes this step.
One of the things you should understand completely before considering filing for bankruptcy is exactly what debts you will be able to discharge.
 Bankruptcy isn't a complete reprieve, and some of the debts that you have to your name may not be eligible for bankruptcy relief.
 In short, this means that even if you declare bankruptcy, you could still be on the hook for certain debts.
You'll also want to understand exactly what the effects will be on your husband, your wife, your kids, your parents...
anyone who may have financial dealings with you.
 You may have to think back on this one.
 Sometimes loans were countersigned far enough in the past that you've forgotten what the terms are, and who else may be involved.
 Jointly held property and assets need to be itemized precisely and you should ask your bankruptcy trustee what effect a filing will have on these.
Figure out all your options before you commit yourself to a bankruptcy.
 Creditors may be open to an alternate repayment plan, if it means they may get some of their money back.
In short, bankruptcy should be considered carefully as one possible option.
 It should not be rushed into, and all the consequences of a filing should be understood.