Your financial situation can change in an instant. If you aren't prepared, it could be detrimental to you and for your family. You could potentially lose your vehicle and your home, and it could mean a job loss if you are forced to move. If you are in a bad financial situation, there may be options for you, and one of those could be bankruptcy. Bankruptcy is not a way out of a temporary situation, it's a plan that is put in place when you have no other options and can be very beneficial to you.