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If you are already stressed out due to massive debt, you may be seriously considering filing for bankruptcy. As the federal law defines it, declaring for bankruptcy is a legal proceeding that grants a fresh financial start for a debt-ridden individual.

One of the most popular myths in declaring bankruptcy is that the individual in question has gone on a spending spree without any thought of possible consequences. However, as bankruptcy lawyers in Raleigh, NC would tell you, court statistics show that most people go bankrupt for many different reasons.

Filing for bankruptcy is pretty scary, especially when you think about the possible consequences of such action. However, there are sometimes circumstances beyond a person’s control that lead an individual to declare themselves bankrupt, in order to regain control of their financial situation.

The degree of difficulty in managing finances is relatively the same whether you are concerned with an individual, a family’s, or a business’s financial health. However, there are times when your best effort is not enough and it may be the best option to declare bankruptcy as some people in Raleigh, NC have.

For many people dealing with debt, filing for bankruptcy is often the only option. This process helps consumers or businesses re-organize their debts under the protection of the bankruptcy court. Chapter 7 bankruptcy is one of the two types of bankruptcy you can file for. This falls under the liquidation category. Under this arrangement, a…