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Bankruptcy is a legal process that helps provide immediate financial protection to people experiencing overwhelming financial difficulties.

To file for personal bankruptcy, an individual must have at least $1,000 in debt that they’re unable to repay. These can include debts such as credit card bills, loan payments, utility bills, payday loans, and mortgage payments.

If you’ve had your wages garnisheed, received past-due notices, or calls from debt collectors, bankruptcy might be right for you.

Though typically a last resort, bankruptcy allows you to solve your debt problems fast with the help of a Licensed Insolvency Trustee (LIT) who will guide and support you through the process.

Bankruptcy pros and cons

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