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Bankruptcy can set you back for 26 years

Bankruptcy can present long-term roadblocks to financial securityMost people aren’t surprised to discover that personal bankruptcy can set you back by quite a lot financially. After all, you have to be in a pretty poor financial position to file for bankruptcy in the first place. But the effects of bankruptcy on your financial situation might be greater than you imagine.

According to a study from Ohio State University and University of Maine researchers, it can take 26 years for bankruptcy filers to catch up to their nonbankruptcy-filing peers in terms of net worth.

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