When your debts are casting a long shadow over your financial future, bankruptcy can feel like the only way to go, but it is worth it to carefully consider your options before making a decision that can further ruin your credit for many years to come.

The following are some of the possible alternatives to bankruptcy:

Negotiate With Creditors

Creditors are people just like you. It can be difficult to see them as real flesh and blood individuals with families and bills because you may be viewing them as the enemy, but changing your perspective might be the answer to winning small concessions that can help you to better manage your debt. Try to calmly explain your income, your willingness to pay and your total debt and then ask them to reduce your monthly payment so it is more manageable for your family. Gaining a firmer grip on your finances could be as simple as having a meeting with the people you owe to work out a better solution for all involved.

Work With a Debt Settlement Company

If you have tried negotiating on your own and nothing seems to work it may be time to change your tactics a bit. Handing your debts over to a debt settlement company will slightly tarnish your credit, but not nearly as much as filing for bankruptcy will, so it might be worth a shot. The debt settlement agency will request that you hand over all payments to them, which they will keep in a holding account. The creditors will stop receiving payments as you attempt to build savings for future settlements. This strengthens the debt settlement company’s position and then they can try to cut down the total outstanding by considerable amounts. Of course, debt settlement companies take a fee for their service so be prepared to pay a percentage of what you save to pay for these services.

Try a Debt Management Plan

A debt management plan differs from debt settlement because there is no withholding of payments. Instead, a debt management representative performs a consultation with you and tries to assess your overall financial picture. The representative also talks with your creditors to try to determine their flexibility on collecting payments. Debt consolidation may be used to bring all your debt payments in one convenient place. The debt management plan is not legally binding although it is often looked upon as an act of good faith by creditors and can help them to soften their requirements by freezing interest payments and lowering monthly installments.

Bankruptcy is definitely not the only way out of debt. It makes sense to look at alternative routes before taking irreversible steps on your financial path.