When an individual is on the verge of filing for personal bankruptcy, there are so many questions that they may have for their Manhattan bankruptcy attorney. One question that any seasoned Manhattan bankruptcy attorney has undoubtedly been presented with is how, if possible, can they prolong or avoid filing for bankruptcy altogether? There are a few different answers that a Manhattan bankruptcy attorney may offer up to his or her clients. Depending on the severity of the situation, you may want to consider a settlement of your accounts that you can no longer afford to maintain. A settlement is when the creditor and consumer agree that the creditor will accept less than the full amount that is due on the balance and considers the debt satisfied. The percentage accepted will largely depend on the specifics of the situation. Remember that the creditor is under no obligation to bargain with you and ultimately settle the debt. You will have to provide them with the motivation by explaining why you are unable to pay your debt as you initially agreed to. It is your job to really make them understand that you are trying everything that you can in order to avoid filing for bankruptcy. This may be all the motivation that a creditor needs. It is possible that some people may be discouraged from settling a debt because of how it may appear to creditors when they are reviewing their credit report in the future. In some cases, settling a debt is better than the alternative of filing for bankruptcy. It does not symbolize a complete abandonment of one's financial responsibility. If anything, it shows perseverance and a determination to fulfill one's obligations, especially if you can explain any extenuating circumstances or conditions that prohibited you from being able to fully satisfy your debt.