If you are reading this article more than likely you have found yourself in a situation where bankruptcy seems to be the only way out. Let me tell you that often times it is not! Before going to see an attorney about bankruptcy, take the time out to really think about how to get out of this.
The best solution: talk to those that you owe money to.
More than likely if you owe people money they have been calling you. The worst thing you can do is simply not talk to them. They will keep bothering you until they get an opportunity to talk to you. Pick up the phone and be honest with them. They may at times be somewhat rude to you, but if you tell them "Hey, I'm paying to keep the electricity on and food on the table first, after that I'll be able to help pay whatever I can toward what I owe you." This sometimes changes their tone a little bit. If they really think you are on the verge of bankruptcy then they will fight tooth and nail to get whatever they can out of you. This is called debt settlement.
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Debt settlement is not good for your credit, but more than likely you are already hurting your credit with late payments. For this reason, they are willing to work with you on getting what they can instead of risking you filing bankruptcy and then they get nothing and you are left with terrible credit. The better solution is to hurt your credit some, but pay what you can. At times they will reduce significantly the amount that you owe.
Work on making those payments on time and in full. If they know you are trying, they are less likely to call you asking for more money. The benefit is in the long run when you do not see the repercussions of filing bankruptcy.
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