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If you're in over your head with debt, bankruptcy may be helpful

Your credit card debt grew out of control when you were with your ex-boyfriend. You spent money to cover his debts, and you put them on your credit cards because he said he'd pay you back. That, of course, didn't happen. Now that you've broken up, it won't either. You're mad that you didn't realize what a huge amount of debt you'd taken on. Hindsight is 20/20.

The problem now is that you are barely making ends meet. You've been left with a large amount of debt that you willingly took on, but you still aren't sure how you're supposed to pay it back. It wasn't fraud, and you don't have any way of proving that he should pay those debts back. You're in a difficult situation, but you may benefit from bankruptcy.

A liquidation bankruptcy could help get you back on track

A liquidation bankruptcy, also known as Chapter 7 bankruptcy, could help you. It is usually used to eliminate unsecured debts. Yes, you may have to give up some assets, but if you have few assets and are struggling with debts that feel overwhelming, then you are in a better position to consider bankruptcy as an option.

The reality is that bankruptcy isn't there to make you start over or to take away everything you have. It will simply help you discharge debts you can't pay and pay back what you can. It could help you get out from under the burden of these debts, so you can get back to living your life. Our website has more on what to do if you're considering bankruptcy.

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