Personal Bankruptcy Alternatives
Debtors may be able to avoid filing bankruptcy. You can:
A bank may provide you with a loan that you can use to pay off all of your other debts. With only one loan to worry about you can avoid worrying about missing a payment, late fees and interest charges adding up.
Debtors may be able to work out an informal payment plan with their creditors so that you may repay your debts in an orderly manner. You can also file chapter 13 bankruptcy, which does not have as many restrictions as chapter 7.
Contact Your Creditors
If you are having trouble making your payments on time you can contact your creditors and attempt to make a payment agreement that could work for you. Your creditors may be more willing to agree to a payment plan than you think.
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