Far too many people consider bankruptcy a last resort. In their minds, they equate Chapter 7 and Chapter 13 bankruptcy with a failure of financial responsibility. In fact, the Bankruptcy Code was written in anticipation of hardworking Americans facing overwhelming debt due to circumstances beyond their control. From job loss and divorce to medical bills and home repairs, most people simply cannot survive a significant financial disaster.

Fortunately, bankruptcy exists to eliminate unsecured debt and help people make a fresh start. While you can continue to battle against mounting debt, you should recognize the signs that you need to consider your financial options.

• You're missing debt payments: While being late for the occasional credit card payment might not necessarily spell doom, when individuals start to consistently miss mortgage payments, student loan payments, car payments or medical bills, it might be time to consider your options.
• You're hearing more and more from debt collectors: Creditors are not shy about enlisting the aid of collection agencies when you get far enough behind on your payments. With phone calls, letters and emails, their collection efforts can be frustrating, annoying and threatening.
• You've reached your credit limit on multiple cards: Having to juggle credit card debt can seem like a never-ending battle. However, if you find that more than one card is beyond use, then you might be facing trouble.
• You are buried in debt from a personal disaster: A medical emergency, a big home repair or job loss can all spell financial peril. Many individuals do not have the savings or cash reserves to cover a dramatic change in their finances.

If you are noticing any of these situations occurring in your life, it might be wise to consider bankruptcy as an option.