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Think Before You File For Bankruptcy

No one intends to go bankrupt. But if it happens to you, there are ways to handle the money issues smartly. It’s like pushing a financial reset button. And for filers, that fresh start comes with its own set of gifts and liabilities. If you’re considering bankruptcy, or just want to know more about it, here are some key factors to consider: 1. There are two main types of personal bankruptcy. Chapter 7 allows the filer to walk away from debts entirely. This option is used by those whose debts are so high or income so low that after basic expenses they don’t have the money for a payment plan. Chapter 13 allows the filer to draft a plan to repay...

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