what are some alternatives to bankruptcy?

Answer 1

Reading up on how to repair your credit yourself. Below is a link I have found useful and contains sample letters to send to creditors.

Answer 2

Bankruptcy should be your last resort, since it will take several years for you to eligible for credit again.

I was faced with the same situation about 20 years ago. Here is what I did and recommend:

A good alternative is to directly contact the companies that you owe money to. Be honest with them, and they will usually be ready to work out a plan where you can get a better deal. They might be willing to lower the payments, lower the interest rate, or even reduce some of the debt that you owe.

The advantage to them is that they don't have to take you to court to recover their losses, and they will probably be ahead financially.

The advantage for you is that you can salvage your credit rating by dealing directly with the companies rather than going through a public bankruptcy procedure.

Answer 3

Get a second job and throw all the money at your debt. It may seem overwhelming but it is doable. Cut your spending to the needs and eliminate all the wants, its temporary. Change your way of thinking too...peopol arrive at bankruptcy not because they dont have enough money but due to poor planning and excessive spending. Value people not things in the future...good luck.

Answer 4

Not that I recommend this, but years ago when a "friend" of mine was contemplating bankruptcy, or so he said, he called me when he knew I ran into some money, and asked to "borrow" a thousand dollars. I, of course, having had plenty to "loan" him back then, sent him a thousand dollars pronto. Later I learned how wastefully he had been spending his money, on toys, literally, and he has NEVER attempted to pay back even one cent of the money, and that's been six years ago. In the mean time he and his wife have spent GOBS of money on themselves and their daughter, and they bought a brand new luxurious SUV, and live in a fancy apartment, and have bought plenty of toys for themselves and their daughter and eat out regularly. And I know for a fact that their combined income is at least three (3) times what mine is now. But, despite how horribly my "friend" treated me, and whether he was in fact bankrupt or just wanted to make use of my new found money, asking your friends, with full intent to repay at some time in the future, is a good possibility. God Bless you.

Answer 5

There are loads of alternatives, but you have to give some more information about yourself. Are you married, have pendents,own some property , are you working or disabled . Get busy and don't be idle.
Good Luck