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Are these bankruptcy alternatives for you?

Washington, D.C. residents who are struggling beneath piles of debt may be looking into bankruptcy alternatives. While there isn't anything wrong with filing for bankruptcy if you need to, there may be other methods of finding your way out of personal debt that could work for your unique situation better than bankruptcy could.

U.S. News echoes this sentiment as well, stating that bankruptcy is not the be-all end-all that it's often made out to be, but that there are also bankruptcy alternatives that are sometimes overlooked in favor of immediately turning to Chapter 13 or Chapter 7 bankruptcy. For example, they advocate getting financial help if it's necessary and you're in a position to do so. If you're holding back for the sake of pride or not wishing to be burdensome, you may want to consider it a second time.

You might also be able to save yourself from bankruptcy through budget reassessment. Severely cutting back on unnecessary expenditures (and deciding what's really unnecessary) can help you out a lot when it comes to saving more money every month and not dipping dangerously into the black. Restructuring your budget can also include restructuring your mortgage. This can be done through refinancing your mortgage, or by talking to the housing lender and striking up an agreement to change things.

When you're in financial trouble, there's actually much more that you can do to dig yourself out of it than you might think. Bankruptcy doesn't have to be eliminated entirely from your options, but you may find a solution in a surprising place if you set it aside for a little while.

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