If you are a small business owner who is struggling with debt, you're not alone. According to the results of a Gallup poll conducted last month, almost half of America's business owners are finding it difficult to reduce their debt.

In the survey, 36 percent of American business owners admitted to being either “somewhat” or “very” uncomfortable with their amount of business debt.

This lingering burden of debt is the dark cloud on an otherwise healthy report. One-third of small business owners reported to having decreased their debt over the past year, and owner optimism reached a level that hasn't been seen since 2008.

The results of the poll imply that some business owners are treating debt much more seriously than before, and are no longer willing to rely on credit or loans to finance their businesses.

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Most people will do everything they can to avoid filing for bankruptcy, considering it a measure of last resort. Some won’t even consider it as an option, thinking that only “losers” or “deadbeats” file for bankruptcy. However, there can be times that filing for bankruptcy can be the best option for you.

Whether you are trying to declare total bankruptcy (Chapter 7) or are interested in working out a structured debt-repayment plan (Chapter 13), you may find that bankruptcy can actually help you in a number of ways.

Here are a few ways that filing for bankruptcy can actually improve your circumstances:

It Will Relieve You of Creditor Harassment

Once you fall behind on your payments, your creditors can become relentless, calling you at all hours of the day and night both at home and at work. Even though federal laws prevent creditors from harassing you, many of them flaunt these laws and use questionable tactics to collect on your debts.

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After months of being out of college and relentlessly job searching, your child finally landed a pretty sweet gig in his or her respective field. The schedule is perfect, the benefits are amazing and the pay is great. Your kid seems happy and ready to tackle adulthood and all it entails, including moving out and getting off of all of your policies and plans. From cell phone service to auto insurance, your child now has the means to pay for these expenses, and allowing them to do so will inadvertently give you a much needed "raise."

You've been hoping and praying this day would come sooner rather than later. Not that you didn't love providing for your child—after all it comes with the parental territory—but the extra money you will save each month will only make your long-term financial goals of retiring debt-free more attainable. Some of you may have already had your children reimbursing you for these amenities, but it's much more tangible when they are officially set up on their own. Below are some tips and things to consider as your child makes the official transition into adulthood.

Selecting a Policy

Whether for health, life or auto insurance, selecting an insurance policy is never easy and there's a lot to consider. When it comes to auto insurance, it’s important your child shops around for the best deal. They’ve been spoiled by your low rates, which come with age, experience, marriage and various other qualities your young adult probably lacks. Discuss the importance of getting various quotes before committing to a specific plan. The same goes for health insurance. Although it is most likely part of their new benefits plan with work, there are undoubtedly multiple options they have from which to choose. Walk them through it and help them determine what best fits their current and near future needs. Between the fine print, deductibles and premiums, there's a good chance your 20-something won't be positive where to start.

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