It can be extremely stressful to deal with creditors and unpaid debts, and the entire situation can be detrimental to your health. You must first attempt to escape this debt quagmire, either by declaring bankruptcy or by researching bankruptcy alternatives.
In difficult financial situations, many people believe that bankruptcy is their only option, but this is not the case. There are bankruptcy alternatives available to those who are willing to take them; you just need to find them and then make changes to your life.
As a first action, you could attempt to negotiate with creditors. Your creditors are aware that if you file for chapter 7 bankruptcy, they will likely lose all of your unsecured debts, as they are the last to be paid off through liquidation. As a result, they are more likely to contemplate writing off a portion of the unsecured debt and accepting lower interest rates for the remainder of the debt, as they have a greater chance of recovering at least a portion of their money.
A popular alternative to bankruptcy for homeowners is a mortgage rearrangement, such as a repayment holiday that allows you to stay current or ahead on your mortgage payments, or if you have sufficient equity, you could take out a second mortgage after discussing terms with your bank and attempt to consolidate your debts with the capital released.
Debt relief companies that offer debt settlement and consolidation as part of their services for a fee are gaining popularity as an alternative to bankruptcy. Such companies are prohibited from charging fees until the debt is resolved, so you can choose among those with a proven track record to see if they can negotiate with your creditors for write-offs, discounts, lower interest rates, or more time.""
" - https://www.affordablecebu.com/