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Chapter 7 bankruptcy filings have been increasing

Sometimes statistics can help put things into perspective, and this is often true for bankruptcy. Some people view bankruptcy as a failure, believing that only those who have put themselves in a hole through poor money management file for bankruptcy. While there are certainly some people who file for bankruptcy because of poor financial decisions, there are also many individuals who were saddled with sudden, unexpected circumstances such as loss of employment or a serious medical condition.

No matter how smart you are with your money, if your employer suddenly decides to let you go without warning, you may find yourself having to go into debt in order to stay on top of your rent, mortgage, car payments or any other obligations. If you are unable to find employment quickly, then bankruptcy may be able to help you be free from your debts. This is not a failure on you, but simply unfortunate circumstances.

In case you needed more encouragement, you should know that more and more people are filing for bankruptcy, according to statistics. The United States Department of Justice has records of all bankruptcy filings in Texas for each decade, and the turn of the millennium was an interesting decade to say the least. In 2005, Chapter 7 bankruptcy filings reached an unprecedented high in Texas of more than 80,000.

The numbers did not stay so incredibly high, dropping down to just above 15,000 the following year in 2006. However, from that year up until 2009, Chapter 7 filings steadily climbed, increasing by more than 80 percent in the following years.

As you can see, tens of thousands of Texas residents seek debt relief in the form of Chapter 7 bankruptcy every year. You should not deny yourself this option if you truly need it. Bankruptcy is not a failure. It is a legal way to get a fresh financial start so that you can take control of your life again.

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