These days, the word "bankruptcy" is about as common as the word "the." The economy can be partially to blame for the rise in bankruptcy. Just because it's more commonplace doesn't make it simpler, however. So before you decide to file a claim to get out of debt, you first need to ensure that you understand the implications of the entire process. Keep reading for the knowledge you need.Exhaust every other option before making the decision to file www.youtube.com/watch?v=4hFYu1ljHdA - www.youtube.com/watch?v=4hFYu1ljHdA - for personal bankruptcy. Look into credit counseling to see if it could help you work out of your debt without bankruptcy. Bankruptcy stays on your credit for a whole decade, so if there are less drastic options that will solve your credit problems, it is in your best interest to make use of them.If filing bankruptcy is in your future, don't waste any savings you may have attempting to pay off your debts. You should always keep money saved for worse times. You may need to tap your savings, but don't empty your savings account, as this could leave you in a difficult situation down the road.After filing for bankruptcy, you could have trouble acquiring unsecured credit. If so, apply for a secured credit card. Using a secured card not only helps to rebuild your credit, but it also keeps you from going more in debt with credit card bills. After a certain time, you will then be able to acquire credit cards that are unsecured.Determine which of assets are safe from seizure and which are not before filing for personal bankruptcy. The Bankruptcy Code has lists of various asset types that are exempt during the process. It is important that you read this list before filing for bankruptcy, so that can find out whether or not your most prized possessions will be seized. Failure to do this could cause some ugly surprises down the road when you discover that your valuables must be seized.Protect your house. Filing for bankruptcy does not mean you have to lose your home. Depending on whether the value of your home has decreased or if you have a second mortgage on the home, you may end up keeping it. Additionally, some states have homestead exemptions that might let you keep your home, provided you meet certain requirements.As previously noted, bankruptcy is very common today, particularly because of the current economy. In order to make sure you make the best decisions when it comes to the topic of bankruptcy, be sure to use the advice that this article has given you.