Being heavily in debt and going through bankrupt is one of those life changing events that has a detrimental affect on more than your wallet. The pressure can cause health problems, relationship issues and lead to depression, substance abuse and other problems. Instead of letting this ruin your life, consider this a time to make a change. You can live frugally and still enjoy life.
The decision to file for bankruptcy is not one to take lightly. With the multiple bankruptcy plans available and the changes to bankruptcy law that occurred in 2005, it is important to be an informed about options from various scenarios. If you are considering filing for bankruptcy but have concerns about what may happen should your income change, here is an overview of the facts.