Debt management solutions are the other type of debt management. There are several types of them. The type of solution you fit depends on different factors (the length of the loan, your financial situation for instance).
You can choose a self-administrated solution when a debtor deals with everything independently – manages a budget, contacts creditors and lenders and asks for certain delays.
If you have too many debts to cope with, you can apply for debt consolidation. All your debts are gathered together in one debt based on the new terms, APRs, and repayment period. It can be handy only if the interest in the result, as well as different fees, are lower than it was initially.
Debt reduction programs are sponsored by for-profit organizations that negotiate with lenders and creditors and ask to reduce the sum of debt for their client. Usually, clients pay the whole sum of debt (sometimes without additional fees) that is also smaller than it was initially.
Bankruptcy. Yes, it also can be one of the nationwide debt management solutions. Bankruptcy should be the last step in your fight with creditors as it leads to certain hardships. You should remember that it remains on the credit report for 7-10 years and has an influence on the relations with banks and lenders.
Therefore, you should consider all pay away debt management solutions except bankruptcy first.
P.S.: Read about bankruptcy and debt consolidation.