Counseling

• Credit counseling agencies can assist you in looking at how much you currently owe and to whom, as well as the best way to repay your debts. You may be able to avoid filing for bankruptcy if you can commit to following a sound repayment plan.
  
  

Negotiation

• Declaring bankruptcy doesn't mean all your debts go away. Depending on the type you file for, you may still end up owing creditors money. Consider negotiating with them before you file -- they may be amenable to reducing the debt.
  
  

After Bankruptcy

• It is important to understand that certain types of debts are never erased by declaring bankruptcy. These include tax and child support obligations, as well as student loan payments, so if the majority of your debts center around them, filing for bankruptcy is not the solution for you.