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Stop fretting over what's done and take action for the future

February 11th is National Don't Cry Over Spilled Milk Day, and while it's likely one of those tongue-in-cheek holidays created to fill a fun calendar, we think the spirit of the day is perfect for anyone dealing with critical debt levels. It's so easy to get caught up in what you've already done wrong that you never turn around to figure out what you can do to fix the issue now and in the future.

If you're dealing with debt that you can't seem to get out from under, decide now that you aren't going to cry over spilled milk. There are options for dealing with overwhelming debt, and you certainly aren't the first person to face these types of challenges. In fact, according to statistics from bankruptcy courts, the average number of bankruptcy filings every day through 2016 ranged from approximately 2,600 to 3,400.

How can filing bankruptcy help you stop crying over spilled milk? If you qualify for Chapter 7 bankruptcy, then you could find much of your debt discharged, which means that the milk is cleaned up so you can start fresh. One of the reasons many people avoid bankruptcy is that they are scared they will lose everything -- including their home or car -- in the process. While bankruptcy processes are different for everyone, there are ways you might be able to keep certain property, so it's worth consulting with a bankruptcy attorney to understand what your options are.

Another reason people avoid bankruptcy is that they believe they can pull themselves out of the financial hole through hard work or buckling down. While this is admirable, waiting to file bankruptcy could make the situation worse. By talking with a lawyer now, you can understand all your options and make a more educated decision about your situation.

Source: National Day Calendar, "National Don't Cry Over Spilled Milk Day – February 11," accessed Feb. 03, 2017

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