Declaring Chapter 7 Bankruptcy is one of the most common solution to pay the creditor, but unfortunately it is not the best solution at all. It is not, and I mean it is not a wise decision to liquidate assets just to repay the creditor. Your assets are income generating possessions, I would consider it a double loss and therefore you'll lose money even more... The best solution is Chapter 13 Bankruptcy, this process involves restructuring debts which allows the debtor to use whatever income they may have in the future to pay off the creditors. Filing Chapter 13 Bankruptcy is thus applicable for a debtor who has a regular income, and thus can afford to request for such adjustments or reductions. Hire the best attorney that will safeguard your interests and that will carry out the process. You can find best attorneys at San Diego Chapter 13