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Welcome back everybody not just in these troubling economic times but bankruptcies always been considered a last resort.
A lot of people lower having to face it and sometimes it can be the best option.
So in today's take charge consumer protection segment I wanted to take a look for you win -- -- -- is the right idea.
Joining us to do that Patricia Powell founder and CEO Powell financial group she's -- smarty.
And they could see as a Smart I get that.
But in our take charge segment for those who have to file bankruptcy we want them to be able to take charge and do it right.
So the impact is in this devastating winning isn't a good idea -- Well.
When you really need that second chance in America it's just a country full of second chances so if your debt is sell -- -- control.
That you just can't manage -- required minimum payments.
It certainly is a red -- to -- maybe this would work for a for me.
If this kind of debt that you have.
Is the kind that can be dealt -- in bankruptcy now not all debt can be dealt with that's interesting what about student loan if you can't get rid -- you student loans with.
Very few exceptions.
You can't get rid of court ordered.
Child support or alimony.
Or if he had a drunken driving conviction.
And you've got -- judgment against you can't get rid of that kind of thing you can't get rid of taxes.
Within certain that certain limitations -- have to make sure that the kind of debt you have.
Can be dealt -- in the in the bankruptcy he overdid it on your credit cards let's say.
And you're out of work well that's really an important issue.
Not just out of work but also -- -- you can't find the job that's paying what the last job was paying and that's what makes it unmanageable forty used to have a 100000 dollars job.
Many -- the 35000.
That's the time to say okay.
Let me deal -- this I really do need that second chance so say you decide you're going to go ahead and filed bankruptcy there's different types of -- I hate.
And you must have a professional -- this or can you file yourself.
You can -- yourself but I don't advise it.
Number one everyone must go through bankruptcy counseling -- war within six months -- filing bankruptcy.
It's the law so it's a great place to start if you're afraid.
They're not sure whether this is the right thing for you go for the counseling to begin with and that person is going to be an expert.
And in exactly the kind of circumstances you're going to face our attorneys or accountants.
Certified in some way to deal with this particular issue and what would it costs.
Well I don't know the specific certification for attorneys are accountants but there are bankruptcy attorneys.
And while I have -- national study to tell you what your view is what it would cause.
What we could find is that it often -- between 800 dollars on the low side and 3200 dollars on the high side.
This is a major financial and legal decision for you.
Get some good advice last question how long does it stay on your record if you're young person in your -- Will you by the time -- thirty let's say BOK maximum ten years.
-- could be -- later.
Maximum of ten years -- a lot of people having to consider we're sorry that you do but we wanna help you do it right pat -- thank you so much thanks for having me.
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