Filing for bankruptcy won’t fix any underlying financial strains that could have contributed to you declaring bankruptcy in the first place. For example, if you don’t have enough income to cover your regular expenses, declaring bankruptcy won’t help you bring in additional income.

Declaring bankruptcy doesn’t “fix” your financial problem – it just ends one set of problems created by whatever got you into trouble in the first place, for example, your credit card charging habit or hospital bills not covered by insurance. It may give you some breathing room financially. For example, now your credit card companies or the hospital can’t come after you. It will relieve the pressure of trying to figure out how to make your bill payments. But the black mark on your credit report creates new financial limitations. That’s why it’s a good idea to work with a nonprofit credit counselor or other trusted, credible professional to help you thoroughly examine all your options before rushing into bankruptcy.

Take some time to really consider what is important to you before filing for bankruptcy. For example, what of your property do you want to protect? Laws vary by state so it’s a good idea to know what your state will allow you to keep and what they will take possession of to sell and pay off your debt. What do you want to do or accomplish in the near and long-term future that may be affected by your inability to get credit? Whether your credit crisis was caused by a significant life change, or is the result of having to charge everyday or onetime items and not be able to pay the bills off in full, the truth is that runaway credit and debt problems can feel like an unstoppable roller coaster. Recovering starts by taking it just one step at a time.