Filing for bankruptcy should not be the only option for you to consider.
There are other considerations that could save you from the financial mess that you are in.
One of the major consequences that result from bankruptcy is the tainting of ones image.
Furthermore, your records remain in the insolvency offices for up to ten years.
It also becomes very difficult to get credit facilities or even to secure employment.
With the many disadvantages that come with insolvency, it is only wise that you be informed on how you can avoid getting into the situation.
To begin with, you can start attending financial management classes to be trained on how to handle your money.
Ask for professional advice before your financial world crumbles on you.
Debt consolidation is also considered another way of avoiding insolvency.
This means that you could talk to your creditors, through a debt management firm, and have your debts cut off by a certain percentage.
All your debts are then brought on the table after the reduction and they are treated as one.
Installments are then determined and all you do at the end of the month is write a check to the debt management firm.
They then calculate the percentage to send to each creditor.
This insolvency prevention method allows you continue with your business without interruption from your creditors.
Doing this prevents having your name on the bankruptcy records.
It also trains you to work on a budget and actually stick to it.
Furthermore, no one will ever have to know about your financial crisis.