But filing for bankruptcy is hardly a free pass. It comes with serious consequences, ones that can negatively impact your life for a full decade. Before you file for bankruptcy protection, then, make sure that you’ve considered all of your other options. There is nothing easy about bankruptcy.

If your debts are too high, if they’re keeping you awake at night or if they’re negatively impacting your personal life, bankruptcy may be an option. But remember, it should only be a last option. Only if you can’t pay down your debt through personal loans, home equity loans or with the help of family members should you seek bankruptcy protection.

There’s a reason for this: A chapter 7 bankruptcy, in which your creditors forgive your debt, remains on your record for 10 years. That’s a long time. During this time, you won’t be able to qualify for many loans. And when you do find a lender willing to lend you money, you’ll pay high interest rates for the privilege. This holds whether you need to borrow money for a car, house or to return to school. In chapter 7, you might also lose your most important possessions, including your car and home.

Chapter 13 bankruptcy is a less severe form of bankruptcy. In it, you agree to a payment plan set up by a judge that allows you to pay back your creditors on a timetable that you can afford. However, even this less severe form of bankruptcy comes with huge negatives. Chapter 13 stays on your credit report for seven years. During this time, again, you’ll struggle to take out loans that don’t come with exorbitant interest rates or fees. You’ll also struggle to qualify for even the least attractive of credit cards. Having a chapter 13 bankruptcy on your record is hardly an ideal situation, either.

Sometimes, though, there is no other option. In these cases, don’t feel guilty or feel like a failure. Bankruptcy protection is there for a reason: to offer some assistance to consumers who are down on their financial luck. In today’s challenging economy, the number of bankruptcy filings is rising quickly. There’s not shame today in admitting that you’ve suffered serious financial hardships.