Debt Negotiation

If you wish to avoid bankruptcy altogether you might want to make an attempt to reduce your debts to a more manageable level. Try calling your creditors. Explain your financial situation as honestly as possible. Don't exaggerate. Adopt a humble and earnest attitude.

Tell them flatly that you will be unable to repay the debt per your previous agreement.

Offer to pay a reduced sum over a longer period. Ask for more than you expect to get. Then see if they'll give you a break. Most credit card firms won't offer you much. Many will stonewall you and offer nothing. But you never can tell.

The bottom line here is - by making such a call you have nothing to lose and you just might stumble on a sympathetic individual - you never can tell.

Be honest. If you have discussed bankruptcy with an attorney, it might be to your advantage to mention that but don't threaten to resort to bankruptcy unless you are honestly considering it. Hollow threats are not a good tactic here.

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