Perhaps the most difficult aspect of trying to get control of your debt can be the stress and fear.

Many people - even people who come into debt through no fault of their own, through unexpected illness, injury, job loss or even tricky credit cards - feel shame at their debt.

They may try to hide their debt from friends and family, while at the same time trying to make a little income go a long way.

To anyone struggling with debt, know this: You are not alone.

Forbes has a report out that shows in the first three months of 2009 more than 330,000 people filed for bankruptcy. At this rate, more than 1 million people will file by the end of the year.

Filing Bankruptcy Becoming More Common

This doesn't count everyone facing economic hardship, but it does show that there are other people out there going through the same struggles and decisions as you are.

So know that filing bankruptcy doesn't make you a bad person. It doesn't mean you've failed. It only means that you, like so many others, are willing to take action against your debt.

When times get tough, it’s easy to bemoan your difficult circumstances, but sometimes it’s more helpful to remember that things could be a lot worse.

I’m not being cynical here, I just think it’s worthwhile to consider how lucky we American debtors are to have the option of filing bankruptcy to eliminate our debts. Let me explain.

• Indentured Servitude & Debt Labor: Once upon a time, incurring more debt than you could afford meant big trouble. In ancient Greece, for example, those who owed more money than they could repay were forced to work off their debts. In many cases, a debtor’s spouse, children and servants were also forced into “debt slavery” until their labor had cancelled out what they owed.
• Debtors’ Prisons: In slightly more recent times - think mid-19th century Europe - those who couldn’t make good on their debts were often tossed into prisons. While they were incarcerated, their families were expected to repay their debts. The obvious flaw here is that it’s very difficult to make any money when you’re kept behind bars all day.
• Debtors’ Colonies: In some cases, debtors were offered the option of debt labor and being sent to the “New World," aka the USA. The founders of the state of Georgia even envisioned that colony as a place to send debtors so they could work off their obligations.

Bankruptcy to Help American Businesses

When the United States was founded, its bankruptcy laws were among the first to be written.

We’ve been a land of entrepreneurs and innovators in part because of the freedom bankruptcy offers – it’s much less risky to start a new business when you know the government has your back financially.

And, while we may grumble about footing the bill when mega companies like GM file for bankruptcy, that’s arguably the price we pay for having a system that protects business owners and regular citizens alike.

Stay Close to Your Family & Friends When Filing Bankruptcy

Today, we may take for granted that, should we file for bankruptcy, we’ll have the support of our loved ones. Imagine having to relocate to a distant country where you knew no one or being thrown into jail because you couldn’t afford the balance on your credit cards.

Filing for bankruptcy may not be exactly “fun,” but it sure beats some debt-eliminating alternatives.