As more and more Americans eagerly accept debt loads that they’ve no chance of paying back and consumer spending spirals out of control, the notion of personal bankruptcy has lost much of the social stigma that kept past generations in the black. Nowadays, declaring bankruptcy doesn’t seem to mean much more than a speeding ticket for most consumers, but discharging obligations isn’t quite so easy. For some truly desperate borrowers, there honestly may be no other choice. Erasing debts does provide a fresh beginning, of a sort, in the way that newborns tend to have limited assets and negligible credit, but that’s not necessarily what every head of household wants. More problematic, the negative habits that originally caused this situation won’t be changed through filing for bankruptcy – if anything, allowing the courts to dissolve burdens can reinforce carelessness. There will always be a need for bankruptcy protection, but debtors concerned about their family’s future should take a long look at every last alternative. Debts must be dealt with, but there ARE other options.

Makes sense that, harassed by bill collectors and worried sick over mounting bills, ordinary citizens would turn to the government for help – that’s what governments are supposed to do. After all, the majority of the newly bankrupt turn to protection from creditors because of emergency or unemployment or financial mishaps they never could have predicted. Hospital bills, especially with so many people uninsured in today’s economy, can wipe out savings in a matter of days, and folks that’d never borrowed a dime in their lives could be left without recourse. Debt has a funny way of building upon itself. Between compound interest, minimum payment that create negative amortization and predatory lenders ever urging hapless debtors to switch balances to a new and different card, it’s a wonder that every American hasn’t tried bankruptcy one time or another. More to the point, considering the sleepless nights and bristling stress that unchecked debts can cause, it’s amazing some Americans can even maintain their utility payments. Still, though, even for those traumatized by constant harassment and praying for any path toward financial salvation, there are methods beyond bankruptcy. And it’d the strict responsibility of every borrower to study every single option and see which one fits their life goals best. Declaring bankruptcy should still be seen as the final option, to be sure, but there are many gradations between financial stability and the lingering credit nightmare of Chapter 7 or Chapter 13 protection.Now that consumer debt has become such an inescapable facet of our lives, new industries have sprung up from nowhere to deal with the problem. Personal bankruptcies are no longer the only answer.