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When you have difficulty paying your debt, you have 3 options, negotiate, ignore, or bankruptcy.  Ignoring debt will result in collection, which will likely include one or more lawsuits.   A lawsuit will likely result in a judgment and can also result in loss of bank accounts and personal property. If you simply want to negotiate with the creditors, as opposed to the other 2 options, my best advice is to speak with a US Trustee approved credit counseling agency who will determine a budget and negotiate on your behalf.  For consumers, there are two types of bankruptcies, Chapter 7 and 13.  The former is generally for those who simply require the elimination of unsecured debt such as credit cards.  The latter is generally for those who have fallen behind in secured debt such as a mortgage.  Chapter 13 allows you to repay any arrears over five years as well as pay unsecured debt in part or in full if you have too much income for Chapter 7 . A bankruptcy protects just about all consumer assets.  An exemption is a dollar amount assigned to an asset so that, if a Trustee ( the person charged with liquidating assets) were to attempt to sell such an asset, he would have to pay the exemption amount to you.  Since the stated exemptions usually cover the value of the assets, most consumer cases are determined to be "no asset".  Thus, you simply obtain a discharge of your debt. You should speak with experienced bankruptcy counsel to discuss all the ramifications and opions.  I trust this has been helpful, but feel free to call or e-mail on a free initial basis. Matthew R. Nahrgang, Esquire 35 Evansburg Road, Ste 400 Collegeville, PA 19426 610 489-3041 o 610 489-3042 fax mnahrgang@verizon.net nahrganglaw.com