Manage your debt

Get help from a debt management service
Look for a low- or no-cost service provided by an accredited nonprofit organization with certified financial counselors. They offer free financial education programs and work with creditors to reduce your interest rates and fees and to set up payment plans. To find a reputable consumer credit counseling agency in your area, contact the National Foundation for Credit Counseling ( www.debtadvice.org or 800-388-2227) or the Association of Independent Consumer Credit Counseling Agencies ( www.AICCCA.org or 800-450-1794). Look for Council on Accreditation ( www.coanet.org) approval, and check an agency's record with your local Better Business Bureau ( www.bbb.org) and state attorney general's office.

Consider your options before you declare bankruptcy
Federal law now requires you to complete credit counseling before declaring bankruptcy, so see if you can work out your money problems without filing for Chapter 7 (which erases your debt but forces you to liquidate assets) or Chapter 13 (which protects your possessions but requires you to pay creditors within a set period). If you can't, at least you'll know you've explored all your options.