A couple calculating their debt

Debt can feel overwhelming and even more so when you’re unable to pay it off. Sadly, this is a reality for a large majority of Americans who have average debts of around $90 460. This includes everything from consumer debts to mortgages and student debt.

Needless to say, the option of not paying the debt can be very tempting. And depending on the kind of debt you owe, there could be options besides bankruptcy for you.

Not all of these options work for everyone, though, and some may even have serious drawbacks. However, it’s best to know all your options before moving forward.

Do Nothing At All

Yes, for some debtors, that is an option. You need to do absolutely nothing—you don’t even have to go into hiding, yay! But that’s not all.

Doing nothing is only going to work for you if you’re judgment proof. If you’re judgment-proof, creditors can sue you, but they can still not collect the debt from you.

To determine whether you are judgment proof or not, make sure your debt is unsecured, your financial situation is sort of permanent, your property needs to be protected by exemptions, and ensure that your income is protected from being garnished.

File for Bankruptcy

While negotiating with creditors for some relief is an option, if it doesn’t work, and you find your creditors being unreasonable, file for bankruptcy.

It can save you from imminent repercussions like salary garnishment and so on. It’ll also buy you some time to catch up on your payments for secured debt.

There are two main ways to go about this. The first is a Chapter 7 bankruptcy. This will basically request the court to get rid of the owed debts. But of course, this doesn’t work for all kinds of debts and debtors.

The second kind is Chapter 13 bankruptcy which allows you to lay out a plan in court that outlines how you’re planning to pay back the debts. It may even allow you to eliminate some debts entirely and others partially. And the elimination would be based on your financial situation.

Get A Debt Relief Company on Board

Your last option is to get help from certified credit counselors like the ones we have at American Debt Enders.

Our debt relief programs are some of the best in the country, and we can help you become debt-free in the coming 1 to 3 years.

Think you can’t pay off your debt? Give us a call!