Consumer bankruptcy filings are up, no big surprise when jobs are scarce and credit has dried up like the leaves accumulating on the ground right now. While always the last resort, bankruptcy may be the only way to salvage your finances. If that is indeed the case, it’s critical that you know the ins and outs of the process.

To help get you started we offer up the latest installment of Required Reading and our pick is The New Bankruptcy: Will It Work for You? by Stephen Elias. This is an updated edition of the author’s earlier version of his book. Changes were needed since significant changes in consumer bankruptcy law took effect on October 17, 2005 with passage of the Bankruptcy Abuse Prevention and Consumer Protection Act.

With these new regulations, it became for difficult for individuals to file for bankruptcy and easier for creditors to still collect debts even after filing. So having an up-to-date resource on bankruptcy to become more informed is a must.

Some of the topics covered in this guide include:

Pay special attention to the last bullet. Bankruptcy should never be approached lightly, and there are more ways than ever to get credit counseling, debt consolidation and debt relief. But when all else fails, learn as much as you can before consulting an attorney or other professional to help see you through the process.