No chance of repaying your debts, no assets to pledge for any more loans, creditors are threatening action against you – Does this sound like a situation you’re in? You probably feel that bankruptcy is the best option for you but have you considered the long term effects of bankruptcy? You cannot obtain credit of Â£500 or more either alone or jointly without disclosing your bankruptcy. You can’t hold certain public offices, act as a company’s director or carry on business (directly or indirectly) in a name which is different from that in which you were made bankrupt.It’s best to Avoid Bankruptcy!Bankruptcy is not reversible and it stays with you for years to come. However bankruptcy alternative can help avoid the harmful effects of bankruptcy and gives you a sense of achievement that you have dealt with your debts. You must fully explore bankruptcy alternatives and avail bankruptcy help if necessary to make the best informed choice for your needs.Bankruptcy Alternative – Do It Yourself Guide1. Make a note of your monthly expenditure and come up with a realistic budget2. Buy only on cash basis, STOP using credit cardshave to make one affordable payment every month instead of dealing with a number of high interest payments.3. Don’t believe all the ads on TV and magazines, research and find the best product for your needs4. Deal with your debts, begin today5. Speak to your creditors or avail services of debt management experts to negotiate with your creditors6. Find out more about IVA, CVA, consolidation loans7. Learn to save and plan for your futureBankruptcy Alternative – What Are Your Options?IVA: This is a legally binding arrangement between you and your creditors. Insolvency Practitioner (IP) will help set up your IVA, negotiates with your creditors, freeze your high interest rates and help you with a single affordable monthly payment so you can be debt free in 5 years or less. You will be protected from any further action by your creditors and at the end of your IVA remaining debt will be written off.Debt Consolidation Loan: You can choose to combine all your debts into one consolidated loan; you will benefit with lower interest rates and you will onlyCredit Counseling: There are a number of credit counseling agencies which will help negotiate lower interest rates and comfortable repayment options to suit your pocket. Credit counselors will offer all the information and help you need to consolidate your debts.Informal Arrangement with Your Creditors: You could also opt for an “Out of Court Settlement” with your creditors and pay a lesser amount or make your payments over a longer period of time.Whatever option you choose as a good bankruptcy debt relief option for your needs, act TODAY! There are a number of online credit counseling services which can help you with your queries. If you chose to read this article, it means that you are interested in bankruptcy alternative and if you are interested in finding alternatives for bankruptcy you have come to the right place as must be demonstrated by what all you have read till now.