Try to avoid it. Your credit rating gets ruined. Credit bureaus will list the bankruptcy on their records for seven years. The chances of getting credit for anything in that time are pretty slim.Try using a credit counsellor first. Sometimes debts can be restructured. Unless you are woefully in over your heads, like $100,000 of uninsured medical bills, bankruptcy has to be the last resort.Maybe you have some assets you can sell, like a car or a house to raise some cash to pay off bills. ------
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