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The two most common reasons for filing for bankruptcy are credit card debt, and excessive medical expense.

There are three types of bankruptcy available for individuals. Chapter 7 relinquishes the debtor from all financial obligation. There is also Chapter 11 and Chapter 13, which include a repayment plan, eliminating foreclosure on your home or repossession of a car. After filing for bankruptcy your creditors are denied by law to sue or harass you.

Bankruptcy is NOT a first option. It should be considered after all other options have been exhausted. If you choose to file for bankruptcy seek counsel from a bankruptcy attorney.