When you are negotiating with creditors, negotiate in good faith. Try to be fair to your creditors. Unless you enlist your largest creditors first, it is unlikely you will persuade the smaller ones.

Be flexible because your creditors only want their money. Treat all creditors equally.

Follow these tips when negotiating with creditors:

1) You may be surprised to learn that creditors cannot send you to jail or take away your possessions (except for motor vehicles, income or property) if you owe them money.

2) Try to remain as polite, calm and non-confrontational as possible throughout your conversation with creditors. If you convey your need for assistance and willingness to work together, you're much more likely to negotiate successfully.

3) Creditors become increasingly motivated when you fall behind on your payments. Agree to make a token payment - this demonstrates to creditors that you intend to pay off the debt when you have available funds and that the amount you owe is not a lost cause.

4) Negotiate to have any negative remarks be removed from your credit report by each creditor. Your credit rating, yuo must ask to have your credit rating upgraded as you make timely payments. This alone can be a powerful tool for rehabilitating your credit.

5)The amount to be paid often starts out low. Offer 10% more than your creditors would receive under a bankruptcy ruling. Trade increases in 5% increments in exchange for substantial creditor concessions.

Immediate vs. future payments offer an immediate payment based upon what you can afford to pay. Future payments must be based solely upon your surplus income only.

Fight for low interest or no interest payments. Inform your creditors that they do not receive interest at all in bankruptcy court.

Negotiating with creditors about your future business, The prospect of future sales can be enticing to creditors.

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