First of all, do you have a business that is not flourishing and you simply can't get ahead or keep up with the payments for the small business loan? Bankruptcy isn't your only option. Consider borrowing enough for one or two payments from a close friend or family member who is in better financial condition than you currently are. Perhaps you can even spend a few dollars on some marketing and advertising and bring your small business back to life.

Do you have an unmanageable amount of debt? You may think your credit is ruined and just want to give up. Don't! You can rescue yourself by consolidating your debt, either by doing balance transfers or by enlisting the help of a debt consolidation specialist. Bankruptcy does not have to be the solution. You can make it!

Try saving money. Perhaps you are spending a lot of petty cash these days. Buying meals out rather than cooking in, chain smoking, and other frivolous splurges all add up. Start keeping yourself accountable and you just might find out that you have several hundred extra dollars to catch up!

Many things in life, such as finances, are relative. You just have to get your mindset that you are going to get caught up and stick to it. Filing for bankruptcy may be a sense of surrender but yes there are benefits to doing so, if the circumstances are ideal for it. Just make sure that you are positive that this is the only way to go before you do so.