There are four debt management processes that can help you out. Look for one that best suits your situation and your goals.
Through this method, you would need to get a new loan so that you can pay off all your other smaller loans. This is best for medical bills, store credit, credit card debt and even for those who are looking for student loans debt help. The payment that you will make monthly will be a lot lesser than what you are supposed to pay given that you haven’t consolidated them yet. This means that you could have more money for your other expenses.
With this program, you would need to have a counselor who will review your budget, credit card balances, income and other assets so that he will be able to come up with a repayment plan that will suit your capacity for making a payment. You may also be asked to have some of your assets sold so that the revenue from them can be applied against your outstanding debt.
One of the great ways on how to write off debt is to have a private professional company settle your debts for you. In debt settlement, a third party will negotiate with your creditors in your behalf and convince them to lower you balances so that you can pay the latter in full. There is no need for you to do the negotiating yourself since there are a lot of companies that specialize in the said method. If they will be successful, you could save a lot of money.
This should be the last option that you would need to consider during debt management. The court would need to approve your request for bankruptcy and once they do, you will be no longer liable for your debt.