The Dallas Morning News has another interesting, albeit incomplete, article about how to get out of debt in 2009 that unfortunately never mentions bankruptcy. It’s unfortunate because many of the people who will read this article and waste their time using some the “debt reduction tactics” suggested by the article really NEED to file for bankruptcy.

One of the few good pieces of advice given by this article is to:

…total up all your debts. Create a summary sheet that lists the creditor, monthly payment, balance, interest rate and credit limit for each. List the status of each account, whether any bills are past due, and verify the payment due dates…

I would add to the suggestion above that you also tally up your income, household expenses and basically figure out if you make enough money to repay your debt and provide for the basic necessities of life. If you find that after tallying up your household expenses, income and debt obligations that you have nothing left for savings or worst you’re in the negative and simply don’t have enough income to cover everything, you may need to file bankruptcy.

The article also suggests that debtors should consult credit counseling and debt settlement agencies to help them pay down debt. Haven’t we learned anything? After many of these agencies were exposed for fraud and deceptive practices by the Federal Trade Commission, do we really believe that this route is best for debtors who should be considering bankruptcy instead? Often, filing Chapter 13 bankruptcy is better at achieving the same goals that credit counseling and debt settlement agencies claim they can achieve. If you’re in over your head in debt and want a fresh start for 2009, contact a bankruptcy attorney today to discover your bankruptcy options for getting out of debt now.