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- Bankruptcy is a legal process that can help you erase or restructure your debts, but it has negative effects on your credit and future borrowing ability1. Bankruptcy may be your best option if you have more consumer debt than income, you face lawsuits or harassment from creditors, you are facing foreclosure, or you cannot pay your monthly bills2345. However, you should also consider other options, such as contacting a credit counselor, before filing for bankruptcy1.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Bankruptcy has significant negative consequences for your credit, and can hinder your ability to borrow money for years. So before pursuing it, make sure it's the best (or only) option available for tackling your debts. Consider other options besides bankruptcy before you file, such as contacting a credit counselor.www.experian.com/blogs/ask-experian/should-i-fil…But bankruptcy may be the best option if your consumer debt — the kinds listed above that can be erased — equals more than half your income, or if it would take you five or more years to pay off that debt even with extreme austerity measures.www.nerdwallet.com/article/finance/bankruptcy-bes…Regardless of which you might choose, bankruptcy may be the best option if: Your monthly consumer debt payments are greater than 50% of your monthly take-home pay. You’re facing lawsuits from creditors. You see no way to pay off your debt within five years.www.nerdwallet.com/article/finance/chapter-7-vs-c…If some combination of bad luck and bad choices has devastated you financially – and you don’t see that changing in the next five years – bankruptcy could be your best option. Even if you don’t qualify for bankruptcy, there is still hope for debt relief.www.debt.org/bankruptcy/
If one of the following situations sounds familiar to you, it may be in your best interest to file for bankruptcy:
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