There is quite a bit of mixed press about bankruptcy. Some people assume it’s the answers to their prayers, others believe it to be their worst enemy. Regardless, if you’ve ever found yourself in loads of debt, bankruptcy is something you may have considered, or may presently be considering.

But, before filing, it’s important to remember a few things. Start with the following:

Watch out for Bad Advice: There is good advice and there is bad advice. Unfortunately, bankruptcy advice often falls in the latter category. From bankruptcy lawyers to bankruptcy mills, bad advice is circulated by those who benefit from your filing for bankruptcy. For example, if you find yourself in financial trouble and hire a bankruptcy firm to discuss your options, they will tell you whatever they have to to get you to file. If you file, they can charge you outrageous fees and make good money off of your financial problems.

No matter what any firm or any person tells you, it’s important to remember that filing for bankruptcy is not easy and it won’t solve all of your problems. Some things, like student loans and alimony, will not be wiped out by bankruptcy. It is also a black mark on your credit for years to come. Bankruptcy is a big decision, and a personal one. It should not be made lightly and it should not be made by anyone other than yourself.

Know the Common Causes of Bankruptcy: Bankruptcy has many causes, however, the most common are as follows:

Credit card debt: Credit cards might be convenient, but bankruptcy is not. Habitually using credit cards, or making only minimum payments, are cornerstones of bankruptcy. Rather than using credit cards at-will, use them sparingly and pay off the balance each month. If you don’t trust yourself to do this, don’t trust yourself with a credit card.

Foreclosure Avoidance: Some people use bankruptcy as a way to avoid repossession of a car or foreclosure of a home. While bankruptcy may be one way to keep your house and your vehicle, it’s certainly not the easiest way. There are other ways to avoid foreclosure, and avoid bankruptcy all at the same time.

Medical Bills: There is little way around it: medical bills are necessary. Unfortunately, they are also rather expensive. Medical bills, particularly for those who don’t have insurance, can add up and add up quickly. Those who find themselves in an extended hospital stay often find themselves with extended debt, and look at bankruptcy as their only option.

Loss of Job: Losing a job means only one thing: loss of wages. Without wages you can’t pay your bills and they can quickly add up. Before you know it, bankruptcy may seem like the proverbial light at the end of the tunnel.

To Stop Creditors: Calling at all hours, sending you letters, swarming your inbox on your computer. Creditors seem like they are everywhere. Sometimes, filing for bankruptcy seems easier than fielding their persistence.

Personal Problems: From a death in the family to divorce, personal problems can all create financial problems.  In fact, many people who find themselves filing for divorce also find themselves filing for bankruptcy.

Know Your Alternatives: If you are in a mountain of debt, bankruptcy may seem like the only option, but it is far from it.  There are several professional companies who can help you out without forcing you to file for bankruptcy.

Debt consolidation companies, for instance, can help consolidate your unsecured debt into one monthly bill. Rather than juggling several bills, and falling behind on them, a debt consolidation company makes it easier, and much faster, to pay your bills on time.

Debt Negotiation companies take this one step further. Staffed with people who negotiate for a living, debt negotiators work with your creditors to reduce your debt; they negotiate on your behalf to pay a lower amount. They also act as the mediator between you and your creditor. This gets collection agencies off your back. Credit counseling is also a viable option for those who want to learn the habits to remain debt free.

No matter what people tell you, bankruptcy isn’t quick and easy. In fact, it’s just the opposite. For this reason, other alternatives should be visited before even thinking about bankruptcy.  Rather than being your first option, it should remain your very last resort.