The majority of debtors have tried just about everything to get out of debt by the time they get around to claiming bankruptcy. Contrary to popular belief, most people didn’t get deeply in debt because they’re freeloaders. They might have made some mistakes along the way, but just as often, factors beyond the debtor’s control got them into financial hot water. These factors can include job loss, a medical crisis, business failure, or the bottom falling out of the housing market, leaving the debtor owing more on his home than it’s actually worth—or in financial lingo, “underwater.”

Although the events leading to the decision to claim bankruptcy can be very emotional, the decision itself should be strictly business. Take stock of your financial situation. Add up all of your income and all of your obligations. Ask yourself if you can pay off your creditors in less than five years, which is the normal time frame for a Chapter 13 bankruptcy. Be realistic. You don’t want to under-budget for food so you can afford to pay your creditors. If you can’t get out of debt in less than five years—at your current income level, not the level you hope to achieve by some miracle—then you’re technically bankrupt. You should consider acknowledging the fact by filing for bankruptcy, getting a fresh start, and moving forward with your life.

Your bankruptcy filing starts with finding a bankruptcy lawyer, unless your case is very basic and you decide you can handle it yourself. Get referrals from everyone you know who knows an attorney. Next, interview at least three bankruptcy attorneys to see whom you’re most comfortable with. Most good attorneys offer a free bankruptcy consultation to see if you’re eligible. If you can come up with a few hundred dollars for a retainer, pick the best lawyer and retain him or her. You can now refer those annoying debt collector calls to your lawyer and get some peace.

Your lawyer will give you a list of paperwork his office will need to prepare your bankruptcy petition. These documents will include pay stubs, tax returns, bank statements, titles and proof of insurance on any vehicles you own, and the recorded mortgage for your home if you own one. You’ll also need to provide the mailing addresses of all of your creditors—the people you owe money to. This last item is the most important one—if you don’t give your lawyer the contact information for a creditor, you can’t get rid of the debt in your bankruptcy.

Once your paperwork is ready, your attorney will take between one and three weeks to prepare your petition. At that point, you’ll come in to review and sign it. About four to six weeks after the petition is filed, you’ll have to attend a hearing. If your lawyer has done his job, then this hearing will be short and painless. At that point, depending on whether you’ve filed Chapter 7 or Chapter 13, you’ll either wait 60 days for a full discharge of your debts in Chapter 7, or start making your monthly payments for your Chapter 13 plan. Although the process can be painful to get through, you’ll be well on your way to a second chance.