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What could lead you to file for Chapter 7 bankruptcy?

When you look at your financial situation right now, you may not see any reason why you would have to consider Chapter 7 bankruptcy in the future.

However, you know that things can and probably will change as the months and years go by.

Unfortunately, if something bad comes into your life, you may find yourself struggling from a financial point of view. While this can be frustrating on many levels, there are steps you can take to escape your trouble and get back on track.

There are a variety of situations that can lead you to consider a Chapter 7 bankruptcy filing. Here are just a few of them:

  • Medical debt as the result of a serious injury or illness
  • A job loss, followed by the inability to secure another position (or one paying enough money)
  • Divorce

It goes without saying that these situations don't always lead to Chapter 7 bankruptcy, but there is a good chance that they could.

For instance, if you were having money problems during your marriage, these aren't likely to go away just because you move forward with divorce. It's even possible that you could find yourself in a worse position.

Learning more about Chapter 7 bankruptcy doesn't mean you have to move forward with the process. It simply gives you a better idea of what you can and can't do, which allows you to make more informed decisions.

It's a challenge to admit to yourself that Chapter 7 bankruptcy is the answer, but you may find that this is the best thing you can do.

Source: Debt.org, "3 Reasons To File For Bankruptcy," accessed Dec. 06, 2017

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