If you're unable to pay your creditors, filing for bankruptcy can help you get a fresh start by liquidating your assets to pay off your debts or create a payment plan.

Yet since bankruptcy has far-reaching and long-lasting results, you should first consider other debt management options.

There are two main types of personal bankruptcy: A debt collector generally is a person or company that regularly collects debts owed to others, usually when those debts are past-due.

This includes collection agencies, lawyers who collect debts as part of their business, and companies that buy delinquent debts and then try to collect them.

Freedom Debt Relief employs over 1,300 people who work with over 300,000 clients to help them reduce debt.

Cambridge Credit Counseling is a non-profit credit and housing counseling agency that was founded in 1996.

Consolidation means that your various debts, such as credit card bills or loan payments, are rolled into one monthly payment.

If you have multiple credit card accounts or loans, debt consolidation through a credit counseling service can help simplify or lower your payments.Remember to seek independent financial and legal advice from a qualified person before entering into any binding financial transactions.The debt consolidation industry offers solutions to combine multiple debts, such as credit card bills, home loans, or other loans into one monthly payment.This includes money owed on personal credit card accounts, auto loans, medical bills, and mortgages.The FDCPA does not cover debts incurred in running a business.You can find free or low-cost credit counseling options at: Under the provisions of the Servicemembers Civil Relief Act (SCRA), you may qualify for a reduced interest rate on mortgage payments or credit card debt, protection from eviction, or a delay of all civil court actions, such as bankruptcy, foreclosure, or divorce proceedings.