You think you need a signature loan, but what you may really need is bankruptcy if things get really hard. Here's a thing or to you may not have known about bankruptcy.

There are two types of bankruptcy available to people. Chapter 13 or "reorganization" allows debtors to keep property which they might otherwise lose, such as a mortgaged house or car. Reorganizations may allow debtors to pay off or cure a default over a period of three to five years, rather than surrender property.

ÊÊÊÊ Chapter 7 or "straight bankruptcy" involves liquidation of all property that are not exempt in your state. The exempt property may include items such as work-related tools and basic household furnishings, among others. Some of your property may be sold by a court-appointed official or turned over to your creditors. You can file for Chapter 7 only once every six years.

ÊÊÊÊ Both types of bankruptcy may get rid of unsecured debts (those where creditors have no rights to specific property), and stop foreclosures, repossessions, garnishments, utility shutoffs, and debt collection activities. Both types also provide exemptions that permit most individual debtors to keep most of their assets, though these "exemption" amounts vary greatly from state to state.

Before selecting a company to get your signature loan, it is best to compare different loan plans. Services and fees vary greatly, as do interest rates, so compare as many programs as you can.