Out of ignorance or stupidity, an increasing number of men and women seem to be using bankruptcy as a first option, instead of a final resort. Before you do it, be sure you've considered every alternative.
Restructure Your Company
Go ahead and buy a shell company. It is going to help you save income that you can put towards what you owe. Consult an expert by searching: company go public or buy shell company.
Work More
If you can get extra hours, do it. Becoming bankrupt is certainly an indignity that you should at least try going to your supervisor and asking for a pay rise or promotion. After all, the worst they can do is say no.
They're going to find out about it anyway if you declare bankruptcy, and they might wonder why you did not come and ask for their help. Also, if you are married and only one of you works, try to get the other a job. You never know, it may even be fun!
Use the Power of Threats
One of the best things to do when you're considering bankruptcy would be to write a letter to absolutely every person you owe money to, letting them know. Make it a really clear threat: "If I cannot find a way of paying my debts then I will be forced to file for bankruptcy".
Most creditors would rather let you pay back a small portion of what you owe than have to try to get money out of a person who is bankrupt.
Know Your Local Laws
Bankruptcy laws vary tremendously based on where you are. There are some places where you will be forced to give up everything you own to pay your creditors, some places where you at least get to keep your house, and some where you can declare yourself bankrupt and never even notice!
Attempt to get a lawyer. You might think that you simply can't afford one, but many will work 'pro bono' (for free) for individuals who really need a lawyer, but cannot pay.
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