As the economy reshapes itself, many people are left without jobs, or have seen their hours where their pay reduced. For some, this has little to no effect simply because they were able to save up so that they have a cushion of savings. But for others, they find that where they were once able to just get by, they are now unable to do so. With mounting monthly bills, and creditors calling, it can get to the point where these people may think of a very final solution as the only way out. However, this is not the case. There is always the option of bankruptcy.
While bankruptcy is generally a last resort, it can be a way out of a financial crisis. While not all of your bills will be paid such as in the case of student loans, the vast majority of them will be and you will be able to start with a clean financial slate. Something to consider here of course is that your record of bankruptcy will be on your credit for at least 7 to 10 years. This will make it very difficult for you to get things such as large loans or a home.
However, this may be the best option if you've been to a financial advisor and they cannot see a way that you can realistically pay off your debt with your current earnings. You simply may be so far in debt that no amount of debt consolidation may help. In a case like this bankruptcy may be your best option.
Of course, this is not to say that it should be your first option. Far from it! However, if there truly is no other way then you owe it to yourself and your family to find a good bankruptcy trustee and start the process to a new financial life.
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