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Answering your bankruptcy questions

Even when it is the only option, bankruptcy can be an extremely difficult choice for some people to make. Sometimes they feel as though filing for bankruptcy is akin to admitting failure, but more often they are just frightened by what comes next. The aftermath of a bankruptcy is foreign to many. Individuals who are struggling with debt may be afraid that they will have to part with all of their assets or that they will never truly recover from bankruptcy, but this is not the case.

A bankruptcy filing is a legal form of debt relief that can help you get a fresh financial start, eliminating or discharging some debts completely. However, some debts cannot be discharged by bankruptcy, including alimony, student loans, criminal fines and taxes. It is worth noting that a bankruptcy filing will remain for 10 years on your credit record from the date of the bankruptcy filing. Despite this, you are still eligible for credit in most cases, and you can be eligible for a house, car, loan or credit card during this time frame.

People who file for bankruptcy can choose to reaffirm their debts, which means that, despite filing for bankruptcy, they will remain legally obligated to pay their debts. This is an option that should only be considered by those who can make the monthly payments required to pay off their debts. Legal counsel is recommended prior to undertaking reaffirmation.

For more bankruptcy information, click here. If you are struggling with debt and you would like to take advantage of the debt relief that bankruptcy can provide, consider meeting with an attorney who is familiar with the bankruptcy laws in your area. Texas residents are encouraged to speak with a bankruptcy attorney to learn how they can discharge their debts without losing their exempt assets.

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