Bankruptcy is an option for those that aren't able to keep up with paying their bills, or can hardly pay their bills and survive after making those payments. If you have a lot of debt, but aren't able to keep up with the payments, or aren't able to pay for other monthly bills such as utilities or groceries, there are options for you. Read on for information that may help you get out of debt.

Consolidate Your Debts

A consolidation company that will take your debts and combine them so you are just paying one debt rather than several, all with different interest rates can be beneficial for some people. It's great for those that have a lot of credit card debt and are paying high interest rates and high payments on them. This can help lower your payment and lower the time it will take to pay back these debts. You should watch some of these companies, that also charge a lot in fees, so you may not end up paying your debts back like they should be paid. Keep an eye out for the bottom line and read all of the fine print before using a debt consolidation company.

Ask For Debt Forgiveness

No, most companies aren't going to allow you to stop paying all together and keep your assets, but there are some companies that may take a lump sum payment amount and call things even, which equates to a cost savings to you. Some companies will also work with you to lower your monthly payment to help you until you get back on your feet, such as auto loan companies. Call your creditors to see if they will give you any assistance at all. They want to be paid, and some creditors will take what they can get.

Seek Help In Other Ways

To help you get back on your feet, you can try to take a loan out from family members or close friends, that you can pay back once you return to work for instance, or once you are out of debt. You may also be able to take a loan out on your 401K or cash in part of your retirement fund just to help you for the time being. You should know that taking out loans on your 401K or cashing in a portion of your retirement can ding you on your taxes, which can leave you owing money to the IRS as well if you aren't careful.

If you are out of options, and you have exhausted all other means to pay your debts, but are still not able to get ahead, it's time to make an appointment with a bankruptcy attorney to discuss bankruptcy filing options.