First, you may need to declare bankruptcy if your obligations exceed your annual income by twofold. If this describes you, you may want to consult with a bankruptcy attorney who offers a free consultation to determine your options.
If your debts are less than twice your annual income, you likely do not need to file for bankruptcy. There are alternative options that can and will serve you far better than bankruptcy.
Credit counseling is the optimal option for you. They will evaluate your income and your debts. Then, they will create a budget for you in order to pay off your debts. They will also contact and negotiate with your creditors so that you can settle your debts for a reduced amount.
They will also require you to undergo credit counseling in order to learn how to avoid falling into debt in the future. This is a wonderful advantage because you will learn how to avoid repeating the same errors. Additionally, this will cost roughly the same as filing for bankruptcy and hiring an attorney.
Another option is to settle your debts on your own. This is most easily accomplished by borrowing budgeting-related literature from the library. These will assist you in establishing a budget for debt repayment. The smallest ones should be paid off first, followed by the larger ones.""
" - https://www.affordablecebu.com/