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Life can deal you unexpected hands such as health concerns, relationship breakdowns or a loss of employment which can affect your ability to service your debt.

Financial stress can be a leading cause of other problems, so being aware of your options before heading to bankruptcy court is important.

You will want to look at the costs of consolidating debts and refinancing before you decide that it is the best option for you.

Most people over look some of the more simple options you have such as refinancing and consolidating debt.

There are also many things you should consider when you are looking into refinancing and debt consolidation.

Think of the equity in your home as a sacred savings account: You can tap into it but only when truly needed, says Rick Harper, director of housing and senior vice president for the Consumer Credit Counseling Service of San Francisco."Depending on the circumstances, (use equity) for big-ticket items such as tuition, a sudden illness that devastates the budget, sometimes even the purchase of an automobile when you have thought things through and you have compared that financing cost to what might be available," he says.