What Are My Options When Filing for Bankruptcy?

Most of us feel we have a moral obligation to repay what we owe, whether it is a loan from a friend or family member, bank loans for a car or house, or credit card bills racked up with consumer spending. Debt allows many to live beyond their means and leverage their income for larger purchases that they otherwise may not be able to afford. But, taking on debt also brings a great deal of risk and some individuals soon find themselves in dire straits. Obviously, if you can continue to afford to pay your bills, then you should continue to do so. But many individuals keep trying to chip away at growing debts that they may never be able to repay and in the process, they also prolong the damage to their credit score and continue to bleed money through interest payments. The first step prior to considering filing for bankruptcy is to consider debt relief or a debt consolidation service. However, by the time most people realize how deeply in trouble they are, it is often too late to…

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