If you've gotten yourself into financial difficulty, you may think that bankruptcy is your only option. That's not true. Sometimes people lose their jobs, have unexpected medical expenses, or are faced with a loss in income for a variety of reasons. One option is to talk with your creditors to discuss possibly changing the terms of your original agreement. If you have some income or have assets you can sell, you may be a lot better off negotiating with your creditors than filing for bankruptcy. They may be willing to accept less than you owe in full, or they may allow you to repay your debts over a longer period of time. If you have some money coming in, this may buy you the time you need until you can get back on your feet again financially. Chapter 13 bankruptcy allows you to keep your property and set up a repayment plan with your creditors to pay out your debt in installments over three to five years. For more information about how to arrange new terms with your creditors, contact a financial planner or an attorney.