No one wants to file for bankruptcy but for some cases it is a crucial safety net. When you are deep in debt, threatened by creditors and on the verge of losing your estate, then your way out can be to file for bankruptcy. It's an acknowledgment you won't be able to handle your debt without any support, and a reset button to help you get your life back in order. The primary question is whether to file bankruptcy in Chapter 7 or in Chapter 13. It is important that we consider the nuances between the two.
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