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Updated on February 6, 2014

Very many unscrupulous people have taken the provisions of various chapters of the bankruptcy law as their solace.

They go on reckless spending knowing that whatever happens, they will be free from debt some day. Unknown to them is the hidden unquantifiable cost associated to bankruptcy.

The fact alone that one has once been declared bankrupt is enough to psyche prospective business partners into believing that you have a questionable character. Unless you take time to explain to them the reason why you were declared bankrupt, a lot of folks will be skeptical about doing business with you.

I agree that it is not all those that go bankrupt that are responsible for it. I know a newly married couple that went bankrupt few months after marriage. What happened was that the Guy had accident four days after their marriage.

This accident kept him out of work for three months. As if that wasn't enough, his newly married wife with pregnancy developed kidney problem. And all these led them to file for bankruptcy.

Now, the couple described above has no control over what eventually led to their going bankrupt. However, there are other options/alternatives that they could have followed instead of filing for bankruptcy out rightly.

If they had taken time to investigate other options, they would have found out that bankruptcy is not the best bet for them to follow.

Among the options they would have considered are;


Good personal financial management.

There is no substitute to being financially independent that to take control of your finances. You can only do this by learning the basics of financial management. Being at peace with terms like; time value of money, annuity and compounding interest can help you set up a plan that will help you come out of debt.

Debt consolidation

This involves borrowing from bigger financial power houses at a lower rate to settle your debt. You have to make sure that the new rate is smaller than the old rate for this action of yours to make any meaning financially.

Debt renegotiation

All you do here is to request your credit card company to review your terms of service with them. You can ask for lower rate and extended period to pay off your debt.

Simply do nothing

When you have no asset(s) that can be seized, and you are unemployed, this is the best option for you. Otherwise, take a serious look at the other options.

If however, they eventually decide to file for bankruptcy as a final resort, here are some measures that they should follow to select the best bankruptcy attorney or lawyer

Carry out research

Start by finding a list of registered bankruptcy professionals that you can possibly choose from. One way of doing this is to make use of lawyers and attorneys directory.

Visit the prospective bankruptcy professional

Seen evidence carries more weight than what you are told. Going there and observing things for your self will help you make a better decision. Am sure you will not accept a person whose office is disorganized to represent you on your bankruptcy matter.

Dig out some information by asking questions.

Ask the potent attorney or lawyer some intelligent questions that you must have drafted from home. And observe the way he answered them. If he is jittering and sweating, your sense of judgment should tell you what to do at this point

Gather information about the key principal partners of the law firm.

The principal partners of every law firm determine the success or failure of the company. You definitely have no business with people that are themselves failures. What out!

Get information about their relatives.

If they are good, their relatives should at least have a modest credit score.

Following the above steps should help you make the right choice in selecting the best bankruptcy lawyer or attorney for your situation.

To your debt free life!


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    • Captain Spaceman profile image

      Captain Spaceman 6 years ago from Manhattan Beach

      I know there are many misconceptions when it comes to bankruptcy and bankruptcy law in general. Thanks for clearing away some of the mystery.

    • chinweike profile image

      Chinweike 7 years ago from Glasgow, UK

      bryanmccarty, thanks for the compliments. I really appreciate

    • bryanmccarty profile image

      bryanmccarty 7 years ago

      very interesting hub. I think that this is one of the best hub articles I have read all week. Great job!

    • chinweike profile image

      Chinweike 8 years ago from Glasgow, UK

      @efeguy am equally delighted to know that there are people from Nigeria that are sharing their knowledge. Thanks for the encouragement.

    • efeguy profile image

      efeguy 8 years ago

      you are in a better place and for my naija brother to write this,its great.

      keep writing my happy i met another nigerian

    • chinweike profile image

      Chinweike 8 years ago from Glasgow, UK

      A very big thanks to you all for the encouragement. I can't possibly be in a better place

    • fastfreta profile image

      Alfreta Sailor 8 years ago from Southern California

      Very good for your first hub. Keep up the good work. Welcome.

    • Cagsil profile image

      Cagsil 8 years ago from USA or America

      This is a very good start. Thank you for sharing. :)

    • bat115 profile image

      Tim 8 years ago from Los Angeles, CA

      Nice first hub.

    • prettydarkhorse profile image

      prettydarkhorse 8 years ago from US

      this is a very informative hub, and I like that there is some heading to very topic, well written for a nice first hub, Welcome to HP,

    • profile image

      kings 8 years ago

      Infact, it kills everything about you. We all need to avoid it

    • G Miah profile image

      Gous Ahmed 8 years ago from Muslim Nation

      I agree with you, bankruptcy is a killer. Only use it when you have no other available choice!!!