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Going for broke
The Harringtons are in a hole. Is filing bankruptcy an option to shed their debt?
By CNN Staff Writer Alex Frew McMilan
The Harringtons feel they are fighting a battle they can't win. They just cover their debts when they are both working, and a bad credit history keeps them from buying a house or consolidating their loans.
"We are strapped for cash!" Mike Harrington, 28, writes. "We need a way out - neither of us are going to see more income any time soon, nor a profitable job change ...
"I am considering bankruptcy. We can't seem to get ahead on our bills, we have to make choices considering which bills to pay and which to stretch, and are basically only paying interest and monthly fees. Would bankruptcy allow us to fix our debts, and possibly purchase a house?" he asked.
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