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Bankruptcy can provide a fresh start, but it’s right for everyone. Before you file, take into consideration the amount of debt you have and your future financial goals. Alternative solutions can often provide more manageable outcomes and help you keep your credit in good standing.
Reduced expenses and negotiating with creditors is a great method to avoid bankruptcy. This strategy should be implemented prior to filing and requires careful budgeting and financial planning. If you are able to cut your expenses or negotiate lower interest rates, the money you save can be applied toward paying down your debt.
You can reduce your debt by selling assets. This can help you pay off your debts and may save you from having apply for Chapter 7 bankruptcy. The most effective way to go about selling your assets is to consult with a bankruptcy lawyer to ensure you’ll qualify 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 loan. Some debts will survive bankruptcy, including student loans, recent tax payments such as alimony, child support and alimony. The best way to approach filing for bankruptcy is to concentrate on erasing non-priority unsecured debt and then apply the money saved to pay for more costly debts that won’t be eliminated by bankruptcy.