“This personal bankruptcy advice is for those who know that they have fallen or can easily fall into serious debt, but far more for those who don’t believe it will ever happen to them. No matter how careful you are, there are circumstances that can plunge you into major loss and/or debt overnight. The more that you believe it won’t happen to you, the less cautious you prove yourself to be, and the more in danger you are. Of course, it may never happen, but then, on the other hand, it may. The first step to avoid personal bankruptcy is to believe that it can happen to you. That will put you in a position of strength where it is far less likely to happen.
Declaring oneself bankrupt is the last resort in sorting out your ailing finances as there are very serious consequences. For example, the record of your bankruptcy cannot be erased for 10 years. However, before you take that final step, there are measures that you can try. Good personal bankruptcy advice would be, don’t get into debt in the first place if at all possible, by watching your budget at all times and saving for the future and for emergencies.
However, if it is too late for that good personal bankruptcy advice, then first try other measures such as slashing your budget to the minimum and making a written arrangement to pay all you owe by certain dates; or by going to a reputable credit counselor who will consolidate your debt and pay it on your behalf; or by debt settlement where you can offer (do this in writing) and receive acknowledgment and acceptance (get this in writing too) to pay only an agreed upon percentage. If you have exhausted all those measures and any others that may work, and you are still in trouble, then good personal bankruptcy advice it is to declare yourself bankrupt. This is the fairest way for you and all of your creditors.
Once You Have Made The Decision
Good personal bankruptcy advice is to go to a reputable bankruptcy attorney. Firstly, he/she may be able to provide an alternative that you did not think of. Secondly, if there is no alternative, he/she will take the pressure off you because he/she will guide you through the process. Thirdly, the payment is usually not too high for the very reason that he/she is getting work from people who are in trouble financially. Fourthly, he/she will let you know of the consequences going this route. Fifthly and hopefully, he/she will give you directly or indirectly good personal bankruptcy advice for avoiding personal bankruptcy.”