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Understanding one's bankruptcy options

Try and try as they might, most in Cuyahoga Falls can't avoid debt. Debt in-and-of-itself isn't always a bad thing; it's the managing of the debt that can get people into trouble. If not left unchecked, one can easily spend his or her way right into the poor house. The stress associated with financial troubles can lead to strain in one's marriage, problems at work, and even issues with one's health. Yet despite the enormous pressure one may feel from mounting debts, there are ways to successfully navigate one's course back to solid financial ground.

Many hear the word "bankruptcy" and immediately panic. While there some negative aspects of filing for bankruptcy, including damage to one's credit score, the positive outcome is often worth it. A Chapter 7 or Chapter 13 bankruptcy can both help one to get out from under heavy debt, with the major difference being that Chapter 13 filers have a steady income, and can thus continue to pay back their creditors. While such a bankruptcy does require a continued financial commitment, one will get the chance to keep many more personal assets as compared to a Chapter 7.

Some of those debts may even be subject to discharge, meaning they're essentially forgiven by creditors. However, the number of other debts not available for discharge is a lot longer, including such major expenses as student loans, alimony and child support, judgments and court fees, and taxes.

It should be kept in mind, however, that personal bankruptcy should only be viewed as a last resort after one has expended all other personal payment options. The protection that a bankruptcy provides is only meant to provide one with a fresh start. Yet with that fresh start, one can take the lessons of bankruptcy to help avoid the same financial pitfalls in the future. To start the bankruptcy process, one may wish to first speak to bankruptcy lawyer to help determine what's best from him or her.

Source: CBS Boston "Personal Bankruptcy, The Basics" Jan. 06, 2014

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