* Caucasian, married and is employed full time.

* In their mid 30's to mid 40's.

* At least a high school education and perhaps some college.

* Makes no more than $30k per year.

The overriding and primary reason for declaring bankruptcy was being over-extended on their credit obligations, loss of job or major reduction in income, or serious illness or injury resulting in very high medical expenses where the majority or all was not covered by the consumer's health care insurance.

Just by looking at those demographics, does that strike you as the typical profile of someone who would file bankruptcy? It does not to me, although other studies and reports indicate that many people (and some even say majority) file bankruptcy simply because they either decided to do it themselves or their bankruptcy lawyer did not inform them of possible options or alternatives to bankruptcy.

Nobody can be an expert in everything or even well versed in everything, especially for something like bankruptcy where you do not deal with it every day unless you are a bankruptcy lawyer. Would you attempt brain surgery after reading a couple of books or reports on the topic? The complexity of today's bankruptcy laws is an apt analogy to brain surgery, and anyone should not attempt a "do it yourself" approach to brain surgery or bankruptcy after just reading a couple of books or reports. Yet at least with bankruptcy, people ignore that advice and inevitably get themselves into even more trouble because they missed one of the umpteen required steps.

Bankruptcy law has changed in recent years, and it is not nearly as easy to declare bankruptcy as it was only a few years ago. Interestingly enough, one of the new requirements for filing bankruptcy is mandatory attendance at some financial management and credit counseling classes. The thing that makes that fact interesting is that the studies indicate that the vast majority of people who file bankruptcy are NOT doing so because of financial mismanagement or credit abuse. Still, the law is the law and there is no way to get around that.

If you are considering bankruptcy, the first thing you should do is consider the huge question of WHY you are considering bankruptcy. A careful analysis of your situation may lead you to the conclusion that there are alternatives to bankruptcy which would serve you much better, and without the long-term negative effects of a bankruptcy filing. Such alternatives would include a personal loan to get your credit obligations caught up, and even a debt consolidation loan. Neither of these will leave a major negative mark on your credit report like a bankruptcy will, and a bankruptcy negative comment on your credit report will remain there for at least 7 years or more.

Consider your options carefully and make an informed decision about your best course of action. Bankruptcy may be your best option but it should be considered a last resort, and there are likely better alternatives available to you.