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Quick Summary: Bankruptcy is a legal process that offers relief from overwhelming debt for individuals and businesses. Certain debts—such as creditcarddebt, medical bills, and personal loans—can be discharged. However, not all debts can be discharged. This provides relief from significant healthcare costs.
Include a line item in the budget for any creditcarddebt. This factor, called utilization, can be very influential in the calculation of credit scores. Pay down debt. Per above, minimizing utilization will generally improve credit scores. Get Your Free Credit Report Card.
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