If you want to get out of debt and protect your credit score at the same time, one of the things you don’t want to do is file bankruptcy. Many of us mistakenly believe that bankruptcy is the best form of debt relief there is, but that’s not because it has many consequences. On that same note, you may be wondering what to do instead. Read on to learn how you can get out of debt without filing for bankruptcy.

Step #1 – Don’t file for bankruptcy

You obviously don’t want to do this. After all, this article is about how to get out of debt without filing. On that same note, it’s important to mention over and over again. When push comes to shove, many consumers think it’s much easier to file for bankruptcy. If you have such thoughts right now, turn them off at least for now.

Step #2 – Gather information on all your debts

In the next step, you will see that you need to contact a debt relief program or company. These are two types of help available; liquidation or consolidation. In these times, settlement is better because a percentage of your debt is eliminated. Before a professional can go through and eliminate some of your debt, he must have detailed information about those overdue bills.

Step #3 – Compare Settlement Companies

It can be difficult to find a debt relief company. It’s actually quite easy because you have hundreds of companies and programs to choose from. What can be difficult is making sure you choose the best one. If you need help doing this, turn to a debt relief network because they do all the research and comparison shopping for you.

Step #4 – Enroll in a Debt Relief Program

Once you’ve found a good settlement program, you’ll want to officially sign up. Once you have done so, they will begin to negotiate with your creditors. Remember that the objective of these negotiations is to eliminate a percentage of your debt. You may see your debt cut in half!

Step #5 – Make Payment

After you enroll in a debt relief program and pay off your debts for less, you’ll receive specific instructions on how much to pay each month. This money will go directly to your settlement company and then they will turn it over to your creditors. Make payments on time to keep your credit score in good standing, and you’ll soon be living a debt-free life.