If you are one of millions of Americans facing the problem of not being able to pay back your debt, you might be considering whether you should declare yourself bankrupt. Although you may well have heard that bankruptcy is a legitimate option for people in dire financial circumstances, you should completely consider ALL other options before making the decision to declare yourself bankrupt. You might be able to negotiate with creditors, for example. They would much rather you did not declare bankruptcy, after all.
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It might also be a possibility for you to transfer your outstanding balances from one credit card to another which offers you a lower rate. This could make a big difference. But bear in mind, however, that this is essentially borrowing from one lender to repay another. This is not ideal, particularly if your biggest problem is your need to reform your spending habits and begin living within your means.
However, if you simply have no alternative, then you may well have to just go ahead and declare yourself bankrupt. As long as you have researched your decision and still feel this is the only way to go for you, then you can rest assured your choice is a good one.
You will need a good bankruptcy attorney with experience and expertise in this area. The reason for this is that the reforms to the bankruptcy law in 2005 have made the process fairly complicated, even by the standard of industry professionals. But it is still accessible and still possible. You just need good legal advice.
It is worth noting as well that there is a homestead exemption when you declare bankruptcy. This means that your home can be protected from reclaim, which can potentially leave you with your debts wiped out without having to sacrifice your home.
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