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Many people are confused regarding how much debt is essential for a bankruptcy filing. According to lawyers of Dallas based bankruptcy law firm Recovery Law Group, there is no minimum amount of debt which is required for an individual to file for bankruptcy. Despite there is no minimum limit for a bankruptcy filing, it is important to understand the subsequent consequences of opting for bankruptcy. Bankruptcy leaves a negative impact on your credit score which can hamper your chances of getting a loan later.
If you wish to get rid of your debts, there are several alternatives available to bankruptcy. You can negotiate with your creditor to lower the amount or reduce the interest rate. Debt settlement is another option where you end up making a one-time payment to settle your debt. In case the creditor has already filed a lawsuit against you, you can seek legal representation from experienced bankruptcy lawyers by calling 888-297-6023. Efficient and qualified lawyers can settle the case out of court with creditors and help you get rid of the loan. These methods have a relatively lesser impact on your credit report than bankruptcy. It is therefore advisable to seek legal assistance before filing for bankruptcy.