Debt is a serious problem facing many Americans at the moment. With the recent mortgage crisis, many people are over their head in mortgage debt. Also, with the high energy prices and inflation increasing prices elsewhere, we can no longer afford to have a major injury or go through a sudden job loss.

If you are one of the unfortunate people who struggle with debt then consider filing bankruptcy in New York. You can use it to discharge any debt except for federal student loans. I saw some good advice to getting around this though. Before you file for bankruptcy take out a home equity loan to pay off the student loan.