Filing for bankruptcy is an emergency debt relief option but it is not the best option. It is a process that involves many financial and legal issues. Bankruptcy will lower your credit score and this will affect your ability to acquire loans in the future. You should make an honest assessment of your current financial position and decide if bankruptcy is the best option. It would be advisable if you also sought financial advice before filing for bankruptcy. Discussed below are factors to determine if bankruptcy is your only debt relief option.
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