If the above scenario is anywhere near your current situation you may be headed for a financial tsunami or in plain English a bankruptcy. Unfortunately, too many people dismiss thoughtless spending as something that is actually harmless - that there is absolutely nothing bad about it but nothing could be further from the truth.

Man has passed thousands upon thousands of laws, some are good and some are really bad but there are also universal laws and one that always comes to roost when people over indulge is this… for every action there is an equal and opposite reaction. In other words, for every bad financial decision today, there will be an equal and opposite financial consequence tomorrow. In some cases, tomorrow might be a few months or in others a few years but it will come… count on it.

Shoring up your financial situation not only makes good sense financially but it also makes good sense emotionally and physically. Anyone who has ever gone through difficult financial times understands that it really takes a toll on your health. It becomes an overwhelming, ever present burden.

Life is all about choices and you can either make the choice to change and avoid bankruptcy or continue down the same path and risk putting yourself and family though the emotionally trauma described above. Of course, if your burden of debt has already reached epic proportions it may simply be time to do the inevitable and file for bankruptcy protection… either Chapter 7 or Chapter 11.

Although creditors want to collect a debt, contrary to popular belief they are not dumb and they want to work with you because only then can they get paid. Considering that you may be facing bankruptcy if they can't work something out it's clearly in their financial interest to help you. As a result, most creditors and lenders will do anything and everything they can to provide you with options that will help you begin the climb out of the financial abyss of debt.

However, sometimes bankruptcy is simply the way the go and fortunately, if you find yourself in the position where bankruptcy is inevitable or you are currently going through or will soon have your bankruptcy discharged… there is life after bankruptcy. It's not as good as it was before Congress changed the bankruptcy laws a few years ago but you still have options.

One such option is the ability to get a mortgage after bankruptcy (also called a bankruptcy mortgage) within a relatively short period of time. Of course, do a little research, shop around and remember that even after bankruptcy you have options and that many aspects of a mortgage are negotiable.

Tip - For options in finding the best lender for you, check out the links below.