1. Do Nothing
If you have few assets and your source of income won’t allow a creditor access to your wages, doing nothing maybe your best option. In this case, you are most likely judgment proof, meaning that creditors will not be able to get a judgment to garnish your income.
2. Encourage Creditors to Agree to a Settlement Eliminating Your Need to File Bankruptcy If you only have a creditor or two but owe them a substantial amount, this may be your best option. Most creditors would instead settle for part of the debt than risk a bankruptcy situation where they would receive nothing.