Times are certainly tough and there is the possibility of declaring bankruptcy and continuing on. Bankruptcy is defined as:
1.the state of being or becoming bankrupt.
2.utter ruin, failure, depletion, or the like.
In layman’s terms this means you cannot pay off your debt and you are saying everything I have can go to pay off my creditors and I get to start over with a clean slate within a specified amount of time. This is a very drastic measure and cannot be undone. It can also be expensive to hire a lawyer to perform these duties for you especially since you are bankrupt and all!
So the laws change depending on where you live but you should be able to declare bankruptcy yourself. I am working in the United States of America but you should be able to find similar sites for your own country online as well.
I would recommend researching for yourself what it means to declare bankruptcy, and how to file bankruptcy. The best place to start is Wikipedia. The American page is located here and other countries can be found here.
Read up and digest it. Then you can turn to a site geared towards helping you fill out and file all the necessary paperwork.
The site I carefully chose that can help you with how to file bankruptcy was the one for the United States Government Court.
You can easily identify its origin by looking at the domain name. Obviously a random site called filebankrupcyfast.com or you-file-bankrupcy-urself-ftw!.com is not your best bet.
Beware of people trying to get your information and taking you to the poor house faster than you are doing yourself!
Websites that charge you for the forms you need are also not the way to go. Start from a government website regardless of where you are trying to do this and follow their search to find the forms you need.
I read through what needed to be done and then clicked on the hyperlinks to the forms they tell you that you need.
I clicked through to find Form B200 that the debtor needs to file. That brought me to this screen:
All the forms anyone could need to file for bankruptcy on their own is on this page for the United States. There are instructions and notes in addition to the actual form. You can see when it was created and view or print the forms.
I clicked on the first B1 form and saw this:
It opens the form as a PDF that lets you fill in your information interactively and save it back so you can print it with the data already in it!
I moved on to print out the instructions on how to file bankruptcy, as well as you can see here:
Everything you need (except a lawyer to explain it) is available. So if you can make heads or tails of the forms and instructions by all means do it yourself. But you should check with a lawyer first. Even if it is just for a free consultation. Hear their take on the matter at hand and then make the decision for yourself.
For some good old fashioned advice on how to get out of debt, check out this older post. If you have any tips or tricks to save yourself from bankruptcy put us on in the comments!