The economy is still struggling, and many Americans are also finding themselves struggling to pay bills. It is never a good idea to just throw in the towel and stop paying bills when you find yourself underwater. There are many options for debt relief for consumers; the following ar the three most popular methods. 

Debt Consolidation Loan

The first and easiest option is to obtain a debt consolidation loan. Your bank or credit union may offer these products, or you can shop around with other lenders. This is a great option if you don't have an overwhelming amount of debt. However, if you are facing lots of high loan and credit card balances, other options are likely better choices for you.

Debt Consolidation Companies

If you are behind on bills, working with a debt consolidation company can be a viable option. However, if the amount of debt you owe is considerably more than what you currently earn, this may not be the best option for you. It is important to sit down and take the time to thoroughly assess your situation to see if your debt will be manageable even after you go through the debt consolidation process. If not, you need to bypass this option for an option that makes more sense. If you decide to work with a debt consolidation company, do your research before choosing one of them. Some of these organizations may not have your best interest in mind.  

Bankruptcy

Bankruptcy is becoming an option for more and more consumers who find themselves in overwhelming amounts of debt. While bankruptcy can't wipe out some debts, like federal student loans and other debts owed to the government, bankruptcy can clean up a lot of issues. Credit cards, charge cards, loans and old debts can all be wiped out in a bankruptcy proceeding. While it is possible to file for bankruptcy protection without the help of an attorney, it is not advisable. Bankruptcy courts investigate every aspect of your debt and income sources and it can be difficult to reach a settlement without the help of an attorney. It can take up to three years from the time you file for bankruptcy protection until the court reaches a settlement. If you find yourself egregiously behind on bills with no way to catch up, don't wait until things get worse. Contact a qualified bankruptcy attorney (such as Dennis Lee Burman Attorney at Law) right away to get the process started.