There are many options available to you if you are in debt and you want to avoid bankruptcy. It is essential that you do some research on the other alternatives available so that you can assess if they can work for you. This is because should you end up selecting bankruptcy, it will end up reflecting on your credit for years to come.
A sure way of avoiding bankruptcy is to sell off your assets. When you notice that it is becoming difficult to pay off your debts, take immediate action. Use the money that you collect afterwards to pay creditors. You can sell off stuff you no longer require. You can reduce the number of cars that you own. Moving to a smaller place never hurt anyone. It may be hard making these adjustments but in the long run it will help you avoid bankruptcy.
It is a good idea to work extra hours so that you get an extra income. If possible, look for a second job. Allocate the extra money, you get towards repaying your debts. Do not shy off from asking for a promotion, you may never know. You could get that promotion and the much needed income.