It is possible to avoid bankruptcy, but it takes effort, discipline, and most of all, money. Since the only way to avoid bankruptcy is by paying what we owe in full, or by negotiating with each creditor a percentage of the debt. This process is undoubtedly long and tedious, but it is possible. In my experience, most Yes it is possible to avoid bankruptcy, but it takes effort, discipline, and most of all, money. Since the only way to avoid bankruptcy is by paying what we owe in full, or by negotiating with each creditor a percentage of the debt. This process is undoubtedly long and tedious, but it is possible. In my experience, most people who set out to avoid bankruptcy and negotiate with banks end up opting for bankruptcy after a few months, which is a shame because they lose time and above all money in the process … If you want to avoid bankruptcy, the first step you should take is to contact each of your creditors, including your home bank, car, credit cards, and the IRS, to present a proposal for repayment … Every bank and attorney has your procedure, and you must follow each case with various communications and forms. When you are negotiating with the banks, try to get them to stop reporting negatively on your credit as soon as possible, and make sure that when you pay off the debt, you report to the credit bureau that your debt was paid as agreed, this is very important for your credit, and it does not always happen, which is very bad for your credit … Finally, eliminate all kinds of unnecessary expenses, seek to generate additional income of money and meet all the payments that you agreed to without fail, since most of these arrangements of Prepayment, they are eliminated if you fall behind in a single payment, which many times means that you owe again 100% of the debt or at least not the same amount that you agreed in the negotiation …