Are there any legal bankruptcy alternatives that can get me out of debt quick?

There are no “legal” bankruptcy alternatives, if by that you mean other processes or mechanisms established under the law to allow a debtor to get out from under their debt and start over. Bankruptcy is the legal system’s alternative for debtors who cannot pay or voluntarily work out some acceptable settlement or payment plan with their creditors.

“Bankruptcy debt settlement” is actually a mashing together of two different terms: “bankruptcy” and “debt settlement.” Debt settlement is when a creditor agrees to accept some payment that’s less than the full amount owed on a debt as payment in full (usually as a lump sum). Debt settlement is purely voluntary; it’s something creditors may agree to if they feel that they are unlikely to be able to receive the full amount due. In that case, they may decide that half a loaf—especially when it’s paid up front—is better than no loaf.

If you’re thinking that you may need to consider bankruptcy, you should be consulting with an experienced bankruptcy attorney who can describe the different types of bankruptcy (Chapter 11 and Chapter 13) and help you determine which, if either, is right for you. And if bankruptcy is not the best alternative for you, he or she can help you explore other ones, including negotiating with your creditors to see if a settlement might be worked out.