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Even lottery winners can end up in bankruptcy

When you think about debt relief, you might automatically think about bankruptcy. It's one of the many options that exist to help you get your finances on track.

The reality is that bankruptcy isn't right for everyone, but it could be right for you in certain circumstances. What's interesting is that even people with significant amounts of money may need to turn to bankruptcy if they simply run out of funds or don't have enough to pay off their debts.

One interesting story to discuss is how some lottery winners went from having millions to nothing. While winning the lottery can instantly resolve your financial woes, it can also mean you make bad decisions and end up in debt just as you may have been in the past.

How can you protect yourself if you win the lottery or inherit a large amount of money?

The best thing to do is to avoid spending without a plan in place. Many people spend on a whim, letting emotions get in the way of good decision-making. It's a better idea to figure out your daily needs as far as money goes and then to place the rest into a high-interest savings account. This helps you earn money on the money you already have.

People have made bad decisions when they've obtained lump sums of money in the past, from buying expensive planes and yachts to doling out cash to friends and family before overspending themselves. In those cases, some people have had to turn to Chapter 7 bankruptcy to liquidate their assets and get their finances back in order.

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