Today’s culture has seen an unmatched rise in the number of people who file personal bankruptcy. With the amount of consumer debt at an all-time high, a growing number of people feel that this is the best option for them so they can start over with their finances. The only problem with this idea is that it does not change a person’s behavior. Instead, it almost reinforces the irresponsible habits and behaviors that resulted in the debt in the first place. People who find themselves in this predicament and want to avoid personal bankruptcy will want to look into bankruptcy alternatives before making their final decision.
Bankruptcy occurs when a person – the debtor – has a large amount of debt that they cannot repay for one reason or another. People who file bankruptcy often feel that there is no other option for them to get out of the insurmountable pile of debt that they have acquired. The accumulated debt can come from a variety of sources, including medical bills and credit cards, but not all debts are eligible for dischargeable status under bankruptcy regulations. The situation can also occur for a variety of reasons, from a legitimate...
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