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Chapter 7 bankruptcy can help you start over

The last thing you ever thought you'd be doing is looking into bankruptcy, but that's where you are today. You know that there are a few options, but Chapter 7, liquidation bankruptcy, seems best for you.

Are there really benefits to Chapter 7 bankruptcy? It ruins your credit and makes it much harder to get loans and credit. Is it worth doing?

Chapter 7 bankruptcy has a lot of major benefits. First, it does wipe out your unsecured debts, which means you could get a fresh financial start. It won't eliminate tax debts or student loans in most cases, though.

If you're considering Chapter 7 bankruptcy, the likelihood is that your credit is already suffering. If your credit is already bad, there's no reason to worry about the damage the bankruptcy can do. Not paying your bills on time can do the same damage and take as long to repair in the future.

Bankruptcy actually prevents you from doing more harm to your finances and credit. You can start putting your money into savings and begin living within your means. A fresh financial start means you start over with what you need and grow with the knowledge you have now. That means you can put your past mistakes behind you.

You can begin to rebuild your credit immediately after your bankruptcy. Banks will lend to you shortly after a bankruptcy, and small lines of credit may be offered to you, too. You can get a home loan within around two to three years.

If you're ready to consider bankruptcy, your attorney can help you understand what it means for your situation. He or she can advise you on the options you have and what may work best for you.

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