It's easy to get into debt, but it can be extremely hard to get out of debt. With credit cards especially, it can be very easy to buy, buy, buy without a care of how to pay it back. When those credit cards get maxed out though, you're going to be in a heap of trouble if you can't pay it back. It can take a long time to pay back a maxed credit card, even if it doesn't have a high limit. If credit cards weren't your issue, but other types of debts such as medical bills were, you can get in over your head if you can't pay it back. This is why bankruptcy is out there, to help those that get into debt and need help getting out. Before you file for bankruptcy though, there are things you need to know about bankruptcy and bankruptcy law. Read on for helpful information.

1. Call Your Debtors

Some companies will work with you because they don't want you to file for bankruptcy. They want their money back and if you file for bankruptcy, there's a chance they won't get anything at all. Call your debt collectors and see if there is anything that can be done to lower your payment, or if there is a chance of you making a lump sum payment in order to pay off your debts. Medical companies are likely to take a lump sum payment, while credit card companies may be apt to lower your payment or even consolidate your bills to help you pay them back. Be careful with consolidation loans, as you could end up paying a lot in interest - the payment may be lower, but your payment may all be going towards interest.

2. Stop Adding Debt

If you just can't afford day to day life and you're living off of your credit cards for purchases such as groceries and gas, you're just adding more and more debt. Everyday purchases shouldn't be put on credit to pay for them. If this is how you're living, you most likely need to file for bankruptcy. Adding more debt like this daily to your credit cards is going to add up. If you don't see an end in sight where you can stop putting these items on a credit card, eventually the credit can run out and leave you with nothing but debt. File for bankruptcy before this happens to you.

3. Try Changing Your Situation

Before you file for bankruptcy, see if there is any way out of your situation. Is there any wiggle room in your budget to continue to pay your debts and live without having to file for bankruptcy? Is there a chance for you to earn more money? If you don't see a change in your situation, bankruptcy may be the best thing for you to do.

Bankruptcy should be filed if you have exhausted all efforts to try to improve your financial situation. If you have done this and are still struggling to get out of debt or to make ends meet each month, make an appointment with a bankruptcy attorney to file for bankruptcy.