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The decision to file for bankruptcy is not an easy decision to make and can be very frustrating having to agonize over it but it can mean change lasting effects on your financial future - positively and negatively way back to financial peace.   Several factors should be considered when contemplating filing for bankruptcy. One important tip would be to read up on bankruptcy and to know what this may mean for your future if you file for bankruptcy now and need to file again, you'll have to wait eight years. Here are some factors to consider

Pros:

Your debts such as credit card debt are discharged or removed.
• Your home, car and certain other property can't be taken to pay creditors.
• You can eliminate or modify "secured debt" like a mortgage or car loan.
• An automatic stay protects you from future collections processes such as repossession, foreclosure and utility shut-off. A creditor that violates this can be held in contempt and ordered to pay you money for damages you've sustained from these actions and for attorney's fees that may arise.
• You may keep your driver's license if you were going to lose it due to nonpayment of an auto accident judgment against you.
• Chapter 13 bankruptcy may save you interest charges on unpaid tax bills.
• You are protected from discrimination by governmental groups or private employers. For example, a public utility can't take action against you for an unpaid utility bill nor can you be denied a student loan. You also can't be fired from your job.
• You have more legal tools to challenge disputed debts with creditors.(Lawyers.com)

Filing bankruptcy does not mean giving up all your possessions or becoming homeless and starving. In some instances you can keep your personal property, such as clothes, electronics, household furnishings and other exempt assets. Depending on the individual state laws, the type of bankruptcy you file, and your finances, you can sometimes retain larger assets, such as cars and the...

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