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Posted in Bankruptcy
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Question By
Rashakim76

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how does bankruptcy can help me positively ? and if so what is the all that i need to do ..."

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Last Option

That is the last option meaning you are about to lose your house and car. If you arent about to lose your house and car, you are better off setting up a plan to pay your out-of-control debt off rather than file BK. Why? Because the cost of credit after BK is terrible. And its not only 10 years with a BK on your report, it takes several MORE years to re-establish your credit. Trust me, the idea of all your debt being wiped out sounds great, but you may not get all you debt wiped out and you are stuck with a BK for 10 years and fall out of it several years more.  

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Reply by
jwsister

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While some advertisements seem to hint that filing bankruptcy is the way to get rid of debt, it certainly isn't.  Check Dave Ramsey's site for some doable hints on how to get debts paid off without filing bankruptcy.  That would be the ideal solution.

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