To avoid filing for bankruptcy, Windsor financial advisors recommend that you try to manage your debt through other means. For example, you may be able to free up some money that you can use for debt payments by examining your current household budget and reprioritizing what you should be spending on. A debt consolidation loan from your banker can also allow you to reduce expenditures by decreasing what you pay in terms of interest on separate loans. Lower monthly debt payments are also possible if you restructure your debt payment plan after letting your creditors know about your financial situation.