Attorney Johnny Bardine is a guest blogger for the Writer's Block.  His firm specializes in bankruptcy and foreclosure cases.

When I was six years old I used to have a recurring dream that I was alone in a speeding car.  The car would be barreling down the hill that led to the street where I lived as I fecklessly sat in the front seat, terrified. The car would pass by my street and I was helpless to make the turn that would lead me to my house.  Acutely aware of how small I was, I knew I could never guide the car with the steering wheel or slow the car with the brake pedals.  This happened over and over again--often in the same dream--and each time I could not control what was happening.

This story is important for two reasons: first, 24 years later, I think I credit this dream as the origin of my control issues, and second--and less personally--I think this must be what it feels like for someone with significant financial problems who is considering filing bankruptcy. You feel like everything is running away from you and you can't control it.

The decision to file bankruptcy is a difficult one. It can be embarrassing, negatively affect your credit for years, and affect your ability to buy insurance or rent an apartment. But it may be your only option to getting your affairs in order and getting a fresh start debt free.

There are no hard-and-fast rules for determining if bankruptcy is right for you, but are a few good rules of thumb to follow to see if you can avoid bankruptcy:

If you have a steady job and can modify your lifestyle such that you can pay off your debts in three to five years do not file for bankruptcy and, if your schedule allows, consider getting a second job (and, yes, I realize this is easier said than done). Besides, if you have an adequate job, the judge will likely dismiss your case, especially if the majority of your debt is unsecured--credit card debt and consumer obligations.

Further, bankruptcy is not the best option if you have debt legally prohibited from being discharged, like child support, alimony, student loan debt, and recent taxes.

Bankruptcy may also not be helpful if you have little property or income. Credit card firms, whose loans are not secured by a home, car, or other tangible property have little recourse against, although their phone calls are quite annoying.

There are, however, some circumstances under which bankruptcy may be the best option:

1. if there are lawsuits pending against you;

2. you have medical bills that are not covered by insurance;

3. your wages are being garnished;

4. if you do not own assets or the assets you own are worth less than the debt you owe, you might consider filing bankruptcy. Also, if you have assets that are secured with a loan, you could file bankruptcy to keep from losing these assets, e.g. a house or a car;

5. and, quite obviously, bankruptcy may be an option if you lack the savings to pay back your debt or are unable to craft a plan to pay the debt in five years.

Every situation is unique and this does not purport to be legal advice. To see if bankruptcy might be right for you, you should consult with with an attorney who will advocate for you and counsel you on how to proceed. Best of luck to you as you try to resolve your financial difficulty in this uncertain environment.