Debt can be a burden to anybody, but is filing for bankruptcy right for you to relieve the pressures of this debt? Thinking about bankruptcy can be quite a stressful thing! You can probably feel a full blown panic attack coming on, how could you let things get this bad? Most people react in the same way, what you need to do is take a step back and relax. This information is not legal advice, but it could help you to decide whether or not filing for bankruptcy is right for you.The first thing that you need to do is take a look at your debt and assets. Start by making a list of all your monthly expenses, start with your mortgage or rental payments. Then put the car payment, then carry on down the list in a similar fashion. Don’t include things like credit cards, and loans. Just include day to day living expenses, the things that you cannot do without.After you’ve worked out how much you need to spend every month try to work out if it’s possible for you to repay the loan in full (including any interest) within three years with the disposable income that you have left. You should forget the minimum payment due figure and pay off the amount that would leave you debt free after three years. If you are struggling with these calculations then take a look on the internet, there are many tools online that can help you to work out all of these figures.Now you should take a look how you can increase your cash flow, to do this you can reduce monthly outgoings, or taking a second job. Reducing monthly expenditure is a great place to start, you could reduce the number of nights that you go out, and lower the thermostat on the boiler so it’s more efficient.If you have used all of these steps before and are still experiencing problems then maybe it’s time to call in the professionals. Professional credit councilors will be able to assess your individual case and find out if filing for debt repudiation is the right thing for you to do. Whenever asking for help make sure you are cautious, many of these so called professionals can actually cause much more harm than good! The best way to find a trustworthy councilor is to contact the state and federal courts for debt repudiation, these have a list of approved councilors.Filing for bankruptcy [http://www.filingpersonalbankruptcyhelp.com/Bankruptcy_Exemptions/] is often a very difficult decision, but if you can’t pay off your debts within three years then perhaps it’s the only path available to you.