There are times when filing for bankruptcy may be the only option one has when faced with grave financial difficulties. However, there may be other alternatives to filing for bankruptcy such as debt consolidation, creating a repayment plans with creditors, creating a debt management plan, or possibly defaulting on the debt.Through debt consolidation, for example, the debts will be merged and the debtor will only have to pay one creditor, making it much easier to manage and pay off debts. Some of the options for this may be making use of a loan to consolidate debt; transferring of debt to a low point interest rate credit card; or taking advantage of a home equity line consolidation.

Discuss the possible options with an experienced bankruptcy attorney for more information and guidance whether to file for bankruptcy or consider other alternatives in dealing with debt.