This is the reason why declaring bankruptcy should be the last resort in business debt elimination. What are the implications of declaring bankruptcy? Well, bankruptcy is an admission of defeat. You are essentially saying that there is no way you can recover financially. Declaring bankruptcy is essentially like saying that you have no future left in a certain business. There are a lot of strategies for debt elimination which you can opt for. Included are debt consolidation, debt management, debt settlement, debt negotiation, debt counseling, and a lot others. The most popular and legal debt elimination technique is by procuring debt consolidation loans. The payment for very overdue loans will obviously require you to pay for a large interest fee. When you look at the internet today, you will find that there are a lot of debt elimination companies which are in business. This means that you are faced with the decision on which debt elimination company to deal with. When you know enough about debt elimination companies, you might be able to make a rational decision. Naturally, others see this pattern and try to exploit it. The internet today is full of advertisements and websites which boast of having the ability to rid you of your debt legally without paying any money to your creditors. They offer various documents that try to make use of loopholes in the Federal Reserve System to eliminate your debt. This means that it aims to help you start from paying off your small debts slowly, and working your way up to the big debts with increasing speed. How is this done? 1) List all of your debts in order from lowest to highest - This will help you see your goal clearly and allow you to plan. Listing all of your debts will allow you to evaluate them in an orderly manner and this will enable you to plan your debt reduction and elimination strategy clearly. When people truly want to accomplish a goal like total credit card debt elimination, a plan will go a long way in helping them do it. A plan will help people gain a better understanding regarding the goal. It will help motivate people by showing them just how close they are to total credit card debt elimination.