Bankruptcy isn’t the answer for everyone. You may have minimal debt, or you may have only non-dischargeable debt, in which case another available option is worth trying first. Medical debt is one of the most negotiable debts. Speak with the medical provider to find out what they would accept as payment in full before just writing it off as a debt that you will never be able to pay. If you are behind on a mortgage but you don’t have much other debt, it is worth trying a mortgage modification first. Many times, a mortgage lender is willing to work with you to find a solution to helping you pay off the arrears. The IRS and the state tax departments are also known for allowing people to assume reasonable payment plans to pay off their tax debt. It is worth speaking with these types of creditors before deciding to file a bankruptcy. There are also many debt settlement and debt consolidation programs out there that can assist you in creating a budget and determining how much you can actually pay your creditors each month. What you should be careful of in these cases is how much you are paying the   Read more…