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What is consumer bankruptcy?

Millions of Americans throughout the country find themselves struggling with their finances. While many are deep in debt as a result of unforeseen or unpredictable consequences, such as a serious illness, others find themselves struggling to make ends meet due to overspending.

Consumer debt is not uncommon in the United States. More often than not, it is not one big purchase that leaves a person or family in debt, but a series of small purchases that simply add up over time. Studies show that people find it easier to spend when physical money is not exchanged. By whipping out and swiping a credit card opposed to opening a wallet and handing out cash, it is more difficult for us to understand the ramifications of our purchases.

For others, the decision to resort to credit card spending may be out of necessity. If you have lost your job or someone in your family is suffering from an illness or injury, you may be forced to pay for your necessities with a credit card to get by month by month. Doing so, over time, may leave you with substantial debt that you are unable to pay off.

By filing for Chapter 7 bankruptcy and following all the necessary steps, you may be able to discharge credit card debt. Eliminating your debt can help prevent the possibility of wage garnishment and the threat of lawsuits. It will also enable you to get your life and your finances back on track. Although the process is not quick and the decision to declare is not easy, it may be the best option for you and your future.

Source: StockMonkeys, "What Are The Causes Of Consumer Bankruptcy?" Chris Potter, Accessed Sept. 4, 2017

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