9. Try some debt postponement.

 

This means that you may make some arrangements with your creditors from which you have your secured loans. You can tell them that you'll just pay your balances at a later date, but in the meantime you'll be paying for any interest. This will help you to budget your money so as to pay off other debts that need more funding.

 

10.  Level with your creditors, all of them.

 

If might sound like a threat, but one of the best things to do when you’re considering bankruptcy is to write a letter to everyone you owe money to, letting them know the situation and the grave nature of the matter.  Make it very clear in the letter that if you cannot find a way of settling your debts, that you may be forced to file for bankruptcy.  Most creditors would rather see you pay back a fraction of what you owe than have to try to get money out of you after you file.

 

Undeniably, there's no debtor who goes to jail just because he is no longer capable of paying all the debts. Yes, there may be cases filed against you; but what will your creditors benefit from suing you? For sure they wouldn't be gaining anything if you go to jail.

 

Now you know that you still have alternatives to try before entering the world of bankruptcy. Just remember, there's just no easy way to get out of debt. Be patient and in time, you can be free of it.

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