Let’s get a few things out of the way right from the beginning: by no means are we recommending bankruptcy for everyone. Simply put, not everyone will qualify for bankruptcy. Your situation might not be dire enough for bankruptcy. Before you get into the bankruptcy process, you need to make sure that you’ve already tried working with the companies in question that are asking you for money. Can you already work out something with them? Does that actually make sense as far as your finances go? If it doesn’t make sense, then you will definitely want to go with the bankruptcy or look into another alternative. On the other hand, when you know that you don’t even have the money to dig yourself out of the hole, and then it’s time to go with a bankruptcy.

It can be difficult finding the money to file, but it’s something that’s really worth doing. Trying to just hope that everything is going to shake out okay isn’t a good idea at all. You have to look at the way things are going in your finances.

The reason why bankruptcy is like winter for your finances is because it freezes everything out. Creditors can’t get to you. You will have bills that you need to pay every month, but they’ll take away a lot of the debt that was on your mind. It’s very important that you at least consider this. It’s very tempting to believe that you will have plenty of access to credit but that isn’t true. Until the bankruptcy is finished, you will not be able to apply for new credit. Of course, you should be aware that after you come out of bankruptcy, you will get offers for credit. Simply put, the credit card companies know that once you really do file bankruptcy, you can’t do it again for quite some time. This means that if you’re looking to get your life back on track, you should be able to accomplish this through bankruptcy proceedings.


Bankruptcies are tough. Once you go into the process, there’s only one way out — you have to finish the program. You have to let the time come in and heal everything. If you can’t do that, then you’re going to run into a wide host of problems in the long run. Use this “winter” to get your financial mind back on track. If your spending is out of control, it’s time to actually track what’s going in and out of the house. If you’re only thinking about the next thing that you have to buy, you’re probably not saving for the future. This is a real shame, as saving is one of those things that can really protect us from life’s uncertainties.

Overall, there’s no time like the present to at least look at what’s going on and make changes as you can. Don’t try to feel pressured to do it all in one day. That would just be silly. After all, it took you a lot longer to track up the debt than just a day, so why should getting out of debt be quick and painless? You need time to heal your finances and come out three times as strong.

By Jasmina