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Bankruptcy is a great option to begin afresh however, it’s not suitable for everyone. Be aware of the extent of your debt as well as your financial goals in the near future before you file. Alternative solutions often yield more manageable results and also keep your credit intact.
Negotiating with creditors and cutting costs are excellent methods to avoid bankruptcy. This strategy should be done prior to filing and requires careful budgeting and planning. If you can reduce your expenses or negotiate a less interest rate the money you save can be used to pay down your debt.
You can reduce your debt by selling assets. This can help you pay your debts off and could even stop you from applying for Chapter 7 bankruptcy. Before selling your assets, you should speak with a bankruptcy attorney to confirm that you are eligible for this type of relief.
In bankruptcy the court will “discharge” or “erase” most unsecured debts including credit card debts, medical bills, late utility bills and personal loans. Some debts are able to be discharged in bankruptcy, such as student loans, recent tax payments as well as child support, alimony and tax-free income. Before filing for bankruptcy, it’s an ideal idea to eliminate any debts that are not priority and then use any money saved on the more costly debts that aren’t going to be eliminated through bankruptcy.
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