Debt Management

Debt Management is necessary to improve credit score, to make a good credit history  or to make yourself free from Debt.

So, to make debt management a person needs to:

• Review his/her personal financial statements
• Analyze your budget, personal balance sheet, and personal cash flow statement
• Established a self imposed credit limit
• Look in personal balance sheet to find out any asset that can be used to pay down debts immediately
• Avoid risky investments and trying to use money to pay credit card bills
• Look in personal cash flow statement to determine where is the need to cut back on expenses in order to increase net cash flow
• If an individual finds his/her self with an excessive debt balance that doesn't allow him to make the minimum monthly payment then he/she needs to spend as little as possible, find a way to increase income, get a debt consolidation loan or make debt management plan.

A Debt Management Plan is a formal agreement between a debtor and a creditor that addresses the terms of an outstanding debt. It is also known as personal finance process (consumer proposal) of individuals addressing high consumer debt. It helps in declining outstanding, unsecured debts over time to help the debtor regain control of finances. Creditors have up to 45 days to object and proposal can be made where debt is less than $250,000, not including your home mortgage. Once the consumer proposal terms have been met borrower then his/her name is removed from credit bureau report.

                  https://en.wikipedia.org/wiki/Debt_management_plan

If an individual is troubling in making debt payments then he/she has only the last option to file for bankruptcy when he/she becomes insolvent.
In bankruptcy a person property is given to a trustee.
A trustee will sell your assets and distribute the money obtained to your creditors.

Question: If an individual is troubling in making payments, then, except bankruptcy what are the other options he/she has to do?