Many people file bankruptcy to deal with their debts, and many shy away from bankruptcy and consider other solutions to straightening out their debt problems.

There are a number of solutions for eliminating or reducing debt.
Try one of the following options:

Negotiate your debt:

Contact your creditor(s) and ask for their cooperation, and try to work out different payment arrangements or options. For example, if you are overwhelmed by credit card debt, get in touch with the company, explain the situation, and ask to temporarily reduce your minimum monthly payments, waive late charges, and extend the payment period – with smaller payments at "no" interest.

Debt consolidations:

Consolidating your debts may be another option. You may consolidate your debts either by turning to the credit counseling services, balance transfers, or home equity loans.

Credit counseling services:

These are nonprofit organizations that will work with you and your creditors to devise a more manageable repayment plan suited to your finances.

Balance transfers and home equity loans:

You may consolidate all outstanding debts into a single loan (often through credit card balance transfers and home equity loans). This approach relieves you of being saddled with debt from multiple creditors, since you will be making payments only to one lender.

Liquidate assets:

A third solution might be to sell any of your assets that have a resale value and apply the proceeds to your debt. Any balance due can be negotiated with the creditor.