What's one of the most scary word in English language? Aside from those which ultimately ends your life or those physically painful, bankruptcy is it. I have no personal experience about this, but I have heard enough from friends who went through it that it's not much fun. It's as scary as everything being taken away, except for your IRS payment. I don't think there's discount in taxes. It's scary to be without money, or to have no option of obtaining one. There's work, but sometimes, those are not enough to make ends meet.
Most every one has debts, but not every one has a secret weapon to avoid bankruptcy. Some have huge amounts of debts, all their future salary is tied up to paying that debt. I don't think I'd like that. Some have manageable debts they can pay back in a year or two. Whatever the debt site, it doesn't hurt to find out more about debts and how to get rid of it.
Debt Management Plans is a tool, or a weapon, depending on how you want to look at it. Go here and there's a chance you can qualify for IVA, which stands for Individual Voluntary Arrangement. Some debts have been known to get reduced to 70%. Just imagine, if you are starting to feel soffocated by your debts, this could be your chance to get out of it in a year or two.