Bankruptcy is a situation in which someone who owes money will seek relief from their debts by going to court.
In many cases though there are alternatives that are not nearly as bad on your credit rating.
It’s important to weight these choices and not let the immediate financial strain force your decisions.
Credit counselors and attorneys can lay out all the financial options you have to avoid bankruptcy.
Probably the biggest factor here is your debt load – how much money you actually owe (and to whom).
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