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More than 1.5 million Americans file for bankruptcy each year. Though experts advise that individuals first seek credit counseling, there are times when declaring bankruptcy may provide your best option for financial stability, as the bankruptcy attorney in this video explains.

Filing for bankruptcy is equivalent to asking the courts for a fresh financial start. However, it does come with stipulations. For example, a bankruptcy filing will stay on your credit report for 10 years, making it harder to secure future loans. However, if you are sinking further into debt with no visible way out, declaring bankruptcy can offer a lifeline to help.