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If you are laden with debt and looking for a way out, you may be considering filing bankruptcy. There are six types of bankruptcies that can be filed, but Chapter 7—the liquidation of assets—and Chapter 13—the restructuring of debts—are the most commonly filed among individuals.
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If you have some income, or you have assets you’re willing to sell, you may be a lot better off negotiating with your creditors than filing for bankruptcy.