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Why File For Bankruptcy?
Most people file for bankruptcy because they ultimately have no other choice—they have a mountain of credit card debt, they have missed too many mortgage payments, or they are facing foreclosure. The only way to stop a foreclosure from moving forward and the only way to eliminate credit card debt is by filing for bankruptcy. While many are concerned about the negative impact of bankruptcy on their credit score, most people who need to file for bankruptcy already have poor credit, and bankruptcy will actually give them a fresh start for rebuilding good credit.
There are also positive consequences associated with filing for bankruptcy. Your discharge in bankruptcy, which I will explain in detail in Chapter 5, is the beginning of your journey to financial rebirth.