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Is bankruptcy the right answer to your financial troubles?

As your financial troubles mount, you may need to focus on the many strategies that can help you regain your footing. While there may be more than one answer to your fiscal woes, many people realize that bankruptcy is the best way to make progress in an untenable situation.

If you're on the fence about filing for bankruptcy, here are some questions you can answer to determine if it's right for you:

  • Do you qualify? Even if you don't qualify for Chapter 7 bankruptcy, you may realize that you can use Chapter 13 to your advantage.
  • Can you improve your finances without bankruptcy? If you've yet to try everything, e.g., debt counseling, you may not want to jump into bankruptcy just yet.
  • What type of debt do you have? Don't assume that bankruptcy will wipe all your debts away. While bankruptcy discharges many unsecured debts like credit card accounts, it doesn't eradicate student loans, legal bills, past-due child support and income tax debt.
  • Are you okay with the downside of bankruptcy? Even though bankruptcy can improve your finances, there are downsides to consider. From the red mark on your credit report to the possibility of losing some of your property, there's a lot to consider.

The decision to file for bankruptcy is one that requires your full attention. If you make the right decision at the right time, you may find that your financial situation is improving by the day.

When you're ready to move forward, learn more about the many types of bankruptcy, your legal rights and the process involved with filing. All this information can give you peace of mind as you move toward a brighter financial future.

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