Because of this, the government will be obliged to see to it that your claim is true. You will also not be able to touch your assets, since you technically do not own anything. This is the reason why declaring bankruptcy should be the last resort in business debt elimination. What are the implications of declaring bankruptcy? If you are fond of dining out for lunch and dinner, why not try cooking at home? By this you are able to save a lot of cash because fabulous dinners would only cost you too much. But if you do your own marketing and cooking, you will be able to save much. Furthermore, homemade delicacies are much healthier than those bought from the fast food outlets. However, to the uninformed, you need to know that there are many ways to achieve debt elimination without declaring bankruptcy. You only need these: 1) Help - If you are unsure of how to accomplish debt elimination without declaring bankruptcy, you might want to get some help. Thankfully enough, there are a lot of debt elimination services that you can contact to help you with your goal. It therefore means only a few interest rates to deal with. You may likewise opt to choose the terms of the interest rates. Next is credit counseling. In here, a third party exists who helps out in consolidating the existing debts. Instead of having a greater loan amount, there only now exists a bigger repayment scheme and the money will now go to the credit counselor because he will already take charge of the distribution of such to the concerned debtors. Going to the court can only worsen the problem but if it is negotiated, some alternatives and solutions are uncovered. Here are a few insights with regards to debt elimination arbitration: The anger confrontation and deliberation. Confrontations are likely to ensue especially that you are under a debt. By following this debt elimination tip, you would be able to reduce the interest and shave years off the time you have to pay. b) Put your plan into effect as soon as possible - The longer you delay eliminating your debts, the larger the interest will be. This means that you need to make a debt elimination strategy that will eliminate your liabilities in the shortest time possible.