Filing Bankruptcy by individuals and businesses, who are financially devastated, is a common occurrence. In fact, Bankruptcy filings are growing so fast that the average debtor now sees it as a financial panacea. An uncertain job market and the weight of carrying high-interest credit cards, mortgages and other lines of credit have led many people into such dire circumstances. Whatever may be the case, it is important to know exactly what bankruptcy is, and how it should be filed.

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