Some of the other factors to be considered are: the nature of the debt; the amount of the delinquency; types of assets held by debtor; and the debtor's needs. 

The Nature of the Debt - Are the majority of the debts secured or unsecured? Are the secured debts up to date? What is the debtor's ability to meet the debts as they become due? Are some of the debts of a type that can be delayed, such as debts to family members? 

The Amount of the Delinquency - Have you missed two or more consecutive payments to any creditor? Has any creditor started or threatened legal action? Have your wages been garnished? Are there any co-signors on any debt? 

The Types of Assest Held by Debtor - Do you own a house? Are you making car payments? Do you have any collections (stamp, coin, artwork)? Do you have an interest in any property held by another? Do you have an interest in a partnership or joint ownership in a large asset (i.e. boat, airplane)? Do you have retirement savings and how are they held? Do you have any other investments? 

The Debtor's Needs - What is the debtor's lifestyle? How many dependent's does the debtor have? Is credit essential for business purposes? What is the current credit record? Do large assets need replacement in the near future? Are there any other expenses which the debtor can foresee in the near future? 

These are a few of the matters to be considered before determining which option is appropriate. Please consider them carefully, with the assistance of a professional. Failure to consider necessary matters can leave the debtor in worse financial condition that they are in now.