If bankruptcy looms in your financial future, you may want to hear about a solution that could prevent it. It's called debt collection settlement, and it could allow you to settle your credit card debts for a fraction of what you owe. It's not for everyone. In fact, most creditors won't agree to settle as long as they have any hope that you will pay your debt in full. If however, you have missed several payments and have no hope of getting back on track, you can contact a debt settlement company to negotiate an agreement with your credit card companies. Be sure you get the agreement in writing. And do a thorough check on your debt settlement company to make sure they're not going to charge heavy fees and leave before the settlement is complete. You can check with the United States Organizations for Bankruptcy Alternatives (USOBA) to learn about reputable companies. Or consult a local attorney, who can also manage your debt collection settlement. In fact, you might find it less expensive to use a lawyer for this arrangement.