Being in more debt than you have income is a terrible feeling. And from personal experience, I can say that it blindsides you - you have no idea that it is coming and once it hits it wrecks you. I have to acknowledge Steven Williams of The Credit Repair Shop for most of this material. It was from watching his videos and being on his mailing list that I learned the most. So let's go ahead and look at what to do once you are in debt.
If you have an unsecured debt, i.e., you were lent money but not to acquire a tangible item such as a car or house, then simply force the lender to eliminate the debt.
Common unsecured debts are credit cards and student loans, but personal loans also apply. the Liberty Debt Elimination system has countless success stories and your could be next.
This may seem like an odd thing to do. But, if the lender cannot produce a document showing your original signature, then the debt must be canceled. A good credit repair company initiates their credit repair by requiring all of your lenders to validate the alleged debt.
For most people in debt trouble, the time scale to discharge the debt via your Treasury Direct account is unrealistic. It certainly can be done and has been done numerous times. And once you reach the sovereign stage it is absolutely recommended to alter your relationship to the UNITED STATES OF AMERICA, but this approach is only listed here for completeness.
If attracting 30-45k within 30 days would help you out, then use your credit score or the score of a friend to do so.
This is another jewel from The Credit Repair Shop. At least it was for me. Contact your creditors and ask to delay payments for as much as 90 days.
Settling the debt is where you come to terms to pay a reduced amount instead of the full amount "owed". Ironic that you have to come to terms with a lender who never lent you any money in the first place.
Bankruptcy is a last resort because it puts something on your public record. A good credit repair company can delete a bankruptcy but if this can be avoided, it should.