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Filing for bankruptcy when unemployed

Many people across the United States have a significant amount of debt. While this is never a good situation to be in, it is nothing to be ashamed of. It's common for those who live from paycheck to paycheck to accumulate significant amounts of debt through the use of credit cards. It may be possible to keep up with credit card minimum payments when you have a steady job, but if you suddenly become unemployed and have no savings, you may find yourself in a complicated financial situation very quickly.

Why is credit card debt such a common problem?

Credit cards are tools that are primarily designed for convenience. They are intended to only be used by those who can afford to pay them back. However, many people use credit cards as their primary payment method, and they can get into the habit of spending much more than they have the ability to pay back in a reasonable amount of time.

What property can I keep after Chapter 7 bankruptcy?

If you want to file for Chapter 7 bankruptcy, you probably already know that it's one of the quickest ways to clear debts. Chapter 7 bankruptcy has a lot of benefits: it's available to those who have a low income or have no income at all. In addition, it's the quickest way to file for bankruptcy - the entire process can be completed in a matter of months.

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